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fiscal policy
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econ ch 15

TermDefinition
fiscal policy the use of government spending and revenue collection to influence the economy
federal budget a plan for the federal government’s revenues and spending for the coming year
fiscal year a twelve-month period that can begin on any date
office of management and budget government office that manages the federal budget
congressional budget office government agency that provides economic data to Congress
appropriations bill a bill that sets money aside for specific spending
expansionary policies fiscal policies, like higher spending and tax cuts, that encourage economic growth
classic economics the idea that free markets can regulate themselves
productive capacity the maximum output that an economy can produce without big increases in inflation
demand-side economics the idea that government spending and tax cuts help an economy by raising demand
keynesian economics a form of demand-side economics that encourages government action to increase or decrease demand and output
multiplier effect the idea that every one dollar of government spending creates more than one dollar in economic activity
supply-side economics a school of economics that believes tax cuts can help an economy by raising supply
council of economic advisers a group of three respected economists that advise the President on economic policy
balanced budget a budget in which revenues are equal to spending
budget surplus a situation in which the government takes in more than it spends
budget deficit a situation in which the government spends more than it takes in
hyperinflation very high inflation
treasury bill a government bond that is repaid within three months to a year
treasury note a government bond that is repaid within two to ten years
treasury bond a government bond that can be issued for as long as 30 years
crowding-out effect the loss of funds for private investment due to government borrowing
national debt all the money the federal government owes to bondholders
contractionary policies fiscal policies, like lower spending and higher taxes, that reduce economic growth
Created by: 100005945412429
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