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15 terms

Econ, Vocab 8 Chapter 10

STUDY
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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