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Chapter 15 gov
Terms in this set (26)
A law, rule, statute, or edict that expresses the government's goals for rewards and punishments to promote their attainment.
A good that, first, may be enjoyed by anyone if it is provided and, second, may not be denied to anyone once it has been provided.
The differences between the private cost and the social cost of economic behavior.
The existence in a market of a single firm that provides all the goods and services of that market; the absence of competition.
An instance when the market fails to produce an efficient outcome.
gross domestic product
The total value of goods and services produced within a country.
A consistent increase in the general level of prices.
grants in aid
Funds given by Congress to a state locality that are earmarked by law for specific categories, such as education or crime prevention.
An effort to regulate the economy through the manipulation of the supply of money and credit. America's most powerful institution in this area is the Federal Reserve Board.
federal reserve system
A system of 12 banks that facilitates exchanges of cash, checks, and credit; regulates member banks; and uses monetary policies to fight inflation and deflation.
The amount of liquid assets and ready cash that banks are required to hold to meet depositors' demands for their money.
open market operations
The method by which the Open Market Committee of the Federal Reserve System buys and sells government securities, etc., to help finance government operations and to reduce or increase the total amount of money circulating in the economy.
federal funds rate
The interest rate on loans between banks that the Federal Reserve Board influences by affecting the supply of money available.
The government's use of taxing, monetary, and spending powers to manipulate the economy.
A tax on imported goods
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.
The amount by which government spending exceeds government revenue in a fiscal year.
Federal spending that is made up of "uncontrollables," budget items that cannot be controlled through the regular budget process.
A budgetary item that is beyond the control of budgetary committees and can be controlled only by substantive legislative action in Congress. Some , 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.
The existence of 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.
A government grant of cash or other valuable commodities, such as land, to an individual or an organization; used to promote activities desired by the government, to reward political support, or to buy off political opposition.
The power of government to set conditions on companies seeking to sell goods or services to government agencies.
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