Economics

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progressive tax

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16 Terms

1

progressive tax

tax rate increases as income increases

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2

supply side economics

the government should leave as much money as possible with the people and have laissez-faire approach

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3

Keynesian economics

addresses fiscal policy, focuses on using active government policy to manage aggregate demand to address or prevent economic recessions.

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4

trade balance

when a nation exports more than it imports, good

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5

trade deficit

when a nation imports more than it exports

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6

bonds

securities, government IOUs, traded by the Fed

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7

discount rate

the interest rate at which the government loans dollars to commercial banks to combat higher reserve requirements, regulated by the Fed

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8

Federal Reserve Board

The Fed, manages money supply and sets monetary policy by buying and selling bonds, regulating reserve requirements, and setting interest and discount rates

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9

fiscal policy

economics policy focusing on government spending and taxation

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10

flat tax

citizens are all taxed at the same rate, conservative

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11

inflation

rising prices and devaluation of the dollar

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12

Internal Revenue Service

oversees tax collection process

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13

monetary policy

focuses on government and bank actions

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14

multiplier effect

a mechanism in Keynesian economics by which an increase in spending results in economic growth greater than the amount being spent

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15

reserve requirement

the amount of money banks must have at all times, regulated by the Fed

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16

entitlements

government services Congress promised by law to citizens

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