Economics Ch. 10 economics of govt. spending
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Created by:
ShadowFAIT on November 21, 2010
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13 terms
Terms | Definitions |
|---|---|
 per capita | per person |
| public sector | people who are hired by the government(senators, judges, policemen) |
| private sector | part of the economy made up of private individuals and businesses |
| distribution of income | government can directly affect the way income is allocated amongst families |
| transfer payment | a payment for which the govt. receives nothing in return(ex. welfare) |
| federal budget | an annual plan outlining revenues and expenditures for the coming year |
| mandatory spending | spending by law that doesn't need to be approved by Congress -makes up 2/3 of federal budget |
| discretionary spending | includes programs that must receive annual authorization |
| federal budget surplus | when expenditures are less than revenue |
| federal budget deficit | when government spends more than they bring in |
| medicaid | a joint federal and state medical insurance program for low income people |
| Grahm-Rudman-Rollings Bill | legislation intended to establish a balanced budget |
| federal debt | the total amount borrowed from investors to finance government's deficits |
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