28 terms

APGov156 - Unit 5a - Policymaking and Economic Policy

Flashcards for Mr. W's Unit 5 - Only Policymaking and Economic Policy in this set
Satisfaction that people believe they will enjoy if a policy is adopted
Client Politics
Policy where one small group benefits and everybody else pays
Burden people will pay if a policy is adopted
Entrepreneurial Politics
Policy where almost everyone benefits and a small group pays
Interest Group Policies
Policy in which a small group benefits and another small group pays
Legislator A supports a proposal favored by Legislator B in return for Legislator B's support for Legislator A's.
Majoritarian Policies
Policy where everyone benefits and everyone pays
Document that states tax collections, spending levels, and the allocation of resources among purposes
Budget Resolution
Congressional decision that states the maximum amount of money the government can spent in a given year
When government in one year spends more money than it takes in through taxes and fees
Budget Surplus
When the government takes in more revenue than it spends in any given year
Congressional Budget Act
Legislation that authorizes budget ceilings
Council of Economic Advisors
A group that forecasts economic trends and advises the POTUS on economic issues
Stopgap Bill
A continuing resolution passed to fund government for a short time (usually 30-120 days) while a larger budget bill is being considered.
Failure to make good on a financial obligation. FedGov has never defaulted.
Any federal programs that guarantee payment to individuals who meet a certain criteria set by law.. These programs include Social Security, Medicare, Medicaid, veterans' compensation and pensions. These programs, especially Social Security, constitute more than half of all federal government spending.
Fiscal Year
12 month period gov uses for budget creation. Runs from October 1 to Sep. 30
National Debt
This is the amount of money the federal government owes to creditors
Discretionary Spending
Spending not required to pay for contracts, interest on the national debt, or entitlement prgrams
Federal Reserve System
The organization that regulates the supply and price of money.
Fiscal Policy
The use of taxes and expenditures to affect the growth and sectors of the economy
The growing trade integration of the economies and societies of the world
The theory that inflation occurs when there is too much money chasing too few goods
Monetary Policy
The use of the amount of money in bank deposits and the price of lending money to affect the growth of the economy
A 1980s combination of monetarism, tax cuts, and budget cutting
Automatic, across-the-board cuts in certain federal programs when Congress and POTUS cannot agree on a spending plan
Supply-Side Theory
An economic philosophy that holds that sharply cutting taxes would increase the incentive to invest, leading to more tax revenue
Treasury Dept
An organization that provides estimates of tax revenues.