Econ, Vocab 8 Chapter 10
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Created by:
cevallosga on October 18, 2011
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15 terms
Terms | Definitions |
|---|---|
 per capita | per person basis; total divided by population |
| public sector | that part of the economy made up of the local, state, and federal governments |
| private sector | that part of the economy made up of private individuals and businesses |
| federal budget | annual plan outlining proposed expenditures and anticipated revenues |
| fiscal year | 12 month financial planning period that may not coincide with the calendar years |
| mandatory spending | federal spending authorized by law that continues without the need for annual approvals of congress |
| discretionary spending | spending for federal programs that must receive annual authorization |
| appropriations bill | legislation earmarking funds for certain purposes |
| medicare | federal health care program for senior citizens, regardless of income |
| medicaid | joint federal state medical insurance program for low income people |
| federal debt | total amount of money the federal gov has borrowed from others |
| balanced budget | annual budget in which expenditures equal revenues |
| trust fund | special account used to hold revenues designated for a specific expenditure such as social security, medicare, or highways |
| entitlement | programs or benefits using established eligibility requirements to provide health, nutritional, or income supplements to individuals |
| deficit spending | annual gov spending in excess of taxes and other revenues |
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