Fiscal Policy Flashcards

1
Q

Fiscal Policy

A

The use of government spending and revenue collection to influence the economy

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2
Q

Federal Budget

A

A written document estimating the federal government’s revenue and authorizing its spending for the coming year

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3
Q

Fiscal Year

A

October 1 - September 30

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4
Q

Appropriations Bill

A

A bill sets aside for specific spending

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5
Q

Expansionary Policy

A

A fiscal policy used to encourage economic growth, often through increased spending or tax cuts

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6
Q

Contractionary Policy

A

A fiscal policy used to reduce economic growth, often through decreased spending or higher taxes

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7
Q

Classical Economics

A

A school of thought based on the idea that free markets regulate themselves

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8
Q

Demand-Side Economics

A

Idea that government spending and tax cuts help an economy by increasing demand

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9
Q

Keynesian Economics

A

A school of thought that uses demand-side theory as the basis for encouraging government action to help the economy

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10
Q

Supply-Side Economics

A

A school of economics that believes tax cuts can help an economy by increasing supply

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11
Q

Budget Surplus

A

A situation in which budget revenues exceed expenditures

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12
Q

Budget Deficit

A

A situation in which budget expenditures exceed revenues

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13
Q

National Debt

A

The total amount of money the federal government owes to bondholders

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14
Q

National Deficit

A

How much money over budget the government is in a given year

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15
Q

Office of Management and Budget (OMB)

A

Government office that manages the federal budget

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16
Q

Congressional Budget Office (CBO)

A

Government agency that provides economic data to congress