Chapter 18 economic policy

Created by rehbergr 

Upgrade to
remove ads

budget

A document that states tax collections, spending levels, and the allocation of spending among purposes.

budget resolution

A congressional decision that states the maximum amount of money the government should spend.

deficit

What occurs when the government in one year spends more money than it takes in from taxes.

economic planning

The belief that government plans, such as wage and price controls or the direction of investment, can improve the economy.

entitlement

A claim for government funds that cannot be changed without violating the rights of the claimant.

fiscal policy

Managing the economy by the use of tax and spending laws.

fiscal year (FY)

For the federal government, October 1 to September 30.

gross domestic product (GDP)

The total of all goods and services produced in the economy during a given year.

Keynesianism

The belief that the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation.

monetarism

The belief that inflation occurs when too much money is chasing too few goods.

monetary policy

Managing the economy by altering the supply of money and interest rates.

national debt

The total deficit from the first presidency down to the present.

Reaganomics

The belief that a combination of monetarism, lower federal spending, and supply-side economics will stimulate the economy.

sequester

Automatic spending cuts.

supply-side economics

The belief that lower taxes and fewer regulations will stimulate the economy.

graduated income tax

...

honeymoon period

...

fiscal federalism

...

critical realignment

...

Gerrymandering

...

Establishment Clause

...

14th Amendment

...

Map v. Ohio

...

Federal Reserve Board

...

US. v. Nixon

...

Munn v. Illinois

...

26th Amendment

...

Gideon v. Wainwright

...

17th Amendment

...

16th Amendment

...

Lockner v New York

...

Youngstown Sheet & Tube v. Sawyer

...

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set