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| a financial incentive given by government to an individual or a business interest to accomplish a public incentive. |
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| government taking items of value, epecially money, from some groups of people and then giving items either in cash or services to other groups of people |
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| a severe and prolonged economic slump characterized by decreased business activity and high unemployment. |
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| an economic slowdown characterized by declining economic output and rising unemployment |
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| a decline in the purchasing power of the currency |
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| a tax deduction or exclusion that allows individuals to pay less tax than they would otherwise. |
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| the exclusion of some types of income from taxation |
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| an expenditure that can be subtracted from a taxpayer's gross income before figuring the tax owned |
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| taxes levied on the manufacture, transportation, sale, or consumption of a particular term or set of related items. |
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| the total value of goods and services produced by a nation's economy in a year, excluding transactions with foreign countries. |
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| the point at which the actual cost of a tax fails. |
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| a levy that taxes people earning higher incomes at a higher rate than it does individuals making less money. |
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| a levy that taxes all persons at the same rate regardless of income. |
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| a levy whose burden falls more heavily on lower-income groups than on wealthy taxpayers. |
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| ability to pay theory of taxes |
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| the approach to government finance that holds that taxes should be based on an individual's ability to pay |
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| a tax levied on the value of an inheritence |
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| the economic theory that tax cuts, especially for business and the wealthy, will lead to savings and investments that will benefit everyone. |
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| the amount by which annual budget expenditures exceed annual budget receipts. |
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| the sum by which annual budget receipts exceed annual budget expenditures. |
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| budget receipts equal budget expenditures |
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| the accumilation indebtedness of the federal government |
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| a federal pension and disability insurance program funded through a payroll tax on workers and their employees |
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| consumer price index (CPI) |
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| a measure of inflation that is based on the changing cost of goods and services |
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| cost of living adjustment (COLA) |
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| a mechanism designed to regularly increase the size of a payment to compensate for the effects of inflation. |
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| government programs that provide benefits to individuals based on their economic status |
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| a government program that provides benefits to recipients based on their financial need. |
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| the use of government spending and taxation for the purpose of achieving economic goals. |
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| a government program providing benefits to persons qualified to recieve them under law. |
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| a pay as you go budget rule that requires that any tax cut or spending increase be offset by tax increases or spending cuts elswhere in the budget. |
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| budgetary expenditures that are mandated by law, including entitlements and contractual commitments made in previous years. |
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| budgetary expenditures that are not mandated by law or contract, including annual funding for education, the coast guard, space exploration, highway construction, defense, foreign aid, and the FBI |
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| the procedure through which Congress legislatively allocates money for a particular purpose. |
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| congress authorizes the use of money by whom but doesn't provide money. |
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| money paid for the use of money |
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| the control of the money supply for the purpose of achieving economic goals. |
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| federal reserve board (FED) |
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| an independent regulatory commission that makes monetary policy. |
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| Federal Open Market Committee (FOMC) |
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Definition
| a committee of the FED that meets eight times a year to review the economy and adjust monetary policy to achieving net goals. |
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| a political community occupying a definite territory and having an organized government |
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| nations whose economics are increasingly based on services, research, and information rather than heavy industry. |
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| founded in 1945 to resolve conflicts amongst world nations |
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| International Monetary Fund |
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| the international organization created to promote economic stability worldwide |
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| military alliance of US, Canada and most of the European democracies. |
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| WTO world trade organization |
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| administers trade laws and provides a forum for settling trade disputes among nations. |
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| a tax levied on imported goods |
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| nongovernmental organizations NGOs |
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| international issues commited to the promotion of a particular set of issues. |
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| free trade amongst US MExico and Canada |
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| a concept that democracies do not wage war on other democracies |
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