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supply-side theory
An economic philosophy that holds that sharply cutting taxes would increase the incentive to invest, leading to more tax revenues
globalization
The growing integration of the economies and societies of the world
fiscal year (FY)
The period from October 1 to September 30 for which government appropriations are made and federal books are kept
fiscal policy
The use of taxes and expenditures to affect the economy
federal reserve system
The mechanism that regulates the supply and price of money
entitlements
Mandatory government spending (e.g., Social Security, Medicare, Food Stamps)
economic planning
The theory that government should control wages and prices
discretionary spending
Spending not required to pay for contracts, interest on the national debt or entitlement programs
deficit
What occurs when the government in one year spends more money than it takes in from taxes
council of economic advisors
A group that forecasts economic trends
congressional budget act
Legislation that authorizes budget ceilings
budget surplus
A situation in which the government takes in more money than it spends
budget resolution
A recommendation for budget ceilings to guide legislative committees in their spending decisions
budget
A document that announces how much the government will collect in taxes and spend in revenues and how those expenditures will be allocated
sociotropic voting
Electoral behavior that regards the condition of the national economy more so than one’s own personal finances
sequester
Automatic, across-the-board cuts in certain federal programs when Congress and the president cannot agree on a spending plan
self-regarding voter theory
The theory that voters are mostly influenced by their own immediate economic situation
treasury department
An organization that provides estimates of tax revenues
price and wage control
Government regulation of the maximum prices that can be charged and wages that can be paid
planning
An economic philosophy that assumes that the government should plan some part of the country’s economic activity
other-regarding voter theory
The theory that voters worry about community and national interests
national debt
The total deficit from the first presidency down to the present
monetary policy
The use of the amount of money in bank deposits and the price of money to affect the economy
monetarism
The theory that inflation occurs when there is too much money chasing too few goods
loopholes
General term for deductions, exemptions and exclusions in the tax code
keynesianism
The theory that the health of an economy depends on what fraction of their incomes people save or spend
gross domestic product
The total of all goods and services produced in the economy during a given year