The Government's Role in Fiscal Policy
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| progressive tax | as income increases taxes the percentage of income paid in taxes increase
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| regressive tax | as income increases the percentage of income paid in taxes decreases as income increases
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| federal income tax | as your income increases the percentage of income tax paid goes up
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| expansionary fiscal policy | decrease taxes and increase government spending to stop contraction
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| contractionary policy | increase taxes and decrease government spending to stop expansion
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| major uses of a fiscal policy | to decrease taxes and increase government spending
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| depression | a state of the economy with large number of unemployed, acute shortages, declining incomes, and excess capacity in output
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| inflation | the rise in the general level of prices of goods and services
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| unemployed | the state of working for less than one hour per week despite being willing and able to work
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| unemployment rate | the ratio of unemployed people divided by the civilian labor force, expressed as a percentage
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| public goods | a commodity or service that is provided without cost to all members of a society, either by the government or a private individual or organization
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| capitalism | an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state
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| laissez-faire capitalism | French for "leave alone" which means that the government leaves the people alone regarding all economic activities
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| regulatory agencies (e.g.: EPA or FDA) | a public authority or government agency responsible for exercising autonomous authority over some area of human activity in a regulatory or supervisory capacity
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| bonds | instruments issued by a national, state or local government, generally with a promise to pay periodic interest payments and to repay the face value on the maturity date, and a way for government to borrow money
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| public debt | (also known as government debt, national debt and sovereign debt) is the debt owed by a central government.
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| aggregate demand | the total demand for final goods and services in an economy at a given time. It specifies the amounts of goods and services that will be purchased at all possible price levels
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| fiscal policy | is the use of government spending and taxation to influence the economy
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Created by:
Mr. Marfy
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