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Chapter 16 (fed gov)
Terms in this set (27)
A law, rule, statute, or edit that expresses the government's goals and provides for rewards and punishments to promote those goals' attainment.
Goods or services that are provided by the government because they either are not supplied by the market or are not supplied in sufficient quantities.
Gross Domestic Product (GDP)
The total value of goods and services produced within a country.
A consistent increase in general level of prices
Congressional grants given to states and localities on the condition that expenditures be limited by a problem or group specified by the law
Followers of the economic theories of John Maynard Keynes, who argued that the government can stimulate the economy by increasing public spending or by cutting taxes
An economic system in which the means of production and distribution are privately owned and operated for profit with minimal or no government interference.
An economic theory that posits that reducing the marginal rate of taxation will create a productive economy by promoting levels of work and investment that would otherwise be discouraged by higher taxes
Efforts to regulate the economy through the manipulation of the supply of money and credit; America's most powerful institution in this area of monetary policy is the Federal Reserve Board.
Federal Reserve System
A system of 12 Federal Reserve banks that facilitates exchanges of cash, checks, and credit; regulates member banks; and uses monetary policies to fight inflation and deflation.
Federal Funds Rate
The interest rate on loans between banks that the Federal Reserve Board influences by affecting the supply of money available.
Open Market Operations
Methods by which the Open Market Committee of the Federal Reserve System buys and sells government securities and other investment instruments to help finance the governments operations and to reduce or increase the total amount of money circulating in the economy
The government's use of taxing, monetary, and spending powers to manipulate the economy.
A tax on imported goods
Taxation that hits upper income brackets more heavily
Taxation that hits lower income brackets more heavily
A Policy whose objective is to tax or spend in such a way as to reduce the disparities of wealth between the lowest and the highest income brackets
Incentive to individuals and businesses to reduce their tax liabilities by investing their money in areas the government designates.
Amount by which government spending exceeds government revenue is a fiscal year.
Federal Spending that is made up of ''uncontrollables,'' budget items that cannot be controlled through the regular budget process.
Budgetary items that are beyond the control of budgetary committees and can be controlled only by substantive legislative action in congress; some uncontrollables, such as interest on the debt, are beyond the power of Congress, because the terms of payments are set in contracts.
Federal spending on programs that are controlled through the regular budget process.
A single firm in a market that controls all the goods and services of that market; absence of competition.
Government regulation of large businesses that have established monopolies.
A policy of reducing or eliminating regulatory restraints on the conduct of individuals or private institutions.
Government grants of cash or other valuable commodities, such as land to an individual or an organization; used to promote activities desired by the government, reward political support, or buy off political opposition.
The Power of the government to set conditions on companies seeking to sell goods or services to a government agencies.
One of the main economic concerns of American policy makers is inflation, which refers to
The bias or perceived bias of journalists and news producers within the mass media in the selection of events and stories that are reported and how they are reported.
Social security was created in which decade?
An organization that works for the best interests of the overall community, rather than the narrower interests of a specific segment
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