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| The part of economic theory dealing with the economy as a whole and decision making by large units such as governments and unions. |
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| Payment for which the government receives neither goods nor services in return. Examples include Social Security, Welfare, Unemployment, and Disagility |
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| Per person basis; total divided by population |
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| Legislation earmarking funds for certain purposes. |
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| Excess of federal expenditures over tax and revenue collection. |
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| A program or benefit using established eligibility requirements to provide health, nutritional, or income suppplements to individuals. Examples include food stamps |
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| Gross Domestic Product (GDP) |
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Definition
| Dollar value of all final goods, services, and structures produced within a country's national borders during a one-year period |
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| Consumer Price Index (CPI) |
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Definition
| Index used to measure price changes for a market basket of frequently used consumer items. |
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| A rise in the general level of prices |
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| decrease in the general level of prices |
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| privately owned, publicly controlled, central bank of the United States. |
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| The expansion of a countries economy |
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| Ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage |
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| unofficial statistic that is the sum of monthly inflation and the unemployment rate; same as discomfort index. |
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| Government spending and taxation policies suggested by John Maynard Keynes to stimulate the economy; synonymous with fiscal policies or demand-side economics. |
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| Economic policies designed to increase aggregate supply or shift aggregate supply curve to the right |
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| Government or private agency programs that provide general economic and social assistance to needy individuals |
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| annual dollar benchmark used to evaluate the money income received by families and unrelated individuals |
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| Unemployment caused by workers changing jobs or waiting to go to new ones. |
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| Unemployment caused by annual changes in the weather or other conditions that prevail at certain times of the year |
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| Unemployment caused by a fundamental change in the economy that reduces the demand for some workers |
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| Unemployment directly related to swings in the business cycle |
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| Use of government spending and revenuecollection measures to influence the economy |
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Definition
| Actions by the Federal Reserve System to expand or contract the money supply in order to affect the cost and availability of credit |
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Definition
| Demand for all units in the economy. It is represented by a curve that shows the quantity of real GDP that would be purchased at each possible price level in the economy. It represents the sum of Consumer spending, Business spending, Government spending, and Net Exports |
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| Quantity of output that firms are willing and able to produce for the economy |
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| Decline in real GDP lasting at least 2 quarters (6 months) or more |
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| A program requiring welfare recipients to provide labor in exchange for benefits |
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| Combination of stagnant economic growth and inflation |
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| Tax where percentage of income paid in tax rises as level of income rises |
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| relatively high tax designed to raise revenue and discourage consumption of socially undesireable product. |
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| Tax where percentage of income paid in tax goes down as income rises. |
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| Tax in which percentage of income paid in tax is the same regardless of the level of income |
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| Internal Revenue Service (IRS) |
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Definition
| Branch of the Treasury Department that collects taxes |
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| General revenue tax levied on the manufacture or sale of selected items |
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| Lowest sustainable unemployment rate thought possible in the economy |
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| Industrial or factory worker who received a wage rather than a salary |
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| clerical, business, or professional worker receiving a salary rather than a wage |
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| Monetary policy resulting in higher interest rates and restricted access to credit; associated with contraction of the money supply |
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Definition
| Monetary policy resulting in lower interest rates and greater access to credit; associated with an expansion of the money supply |
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| Inconvertible Fiat Money Standard |
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Definition
| Fiat money that cannot be exchanged for gold or silver; Federal Reserve notes today. |
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Definition
| Money that has an alternative use as a commodity; gunpowder, flour, corn |
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| Office of Budget and Management (OMB) |
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| Division of the executive branch primarily responsible for assembling the budget under presidential guidelines |
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| Interest rate the Federal Reserve System charges on loans to financial institutions |
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| Representative collection of goods and services used to compile a price index |
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| Relaxation or removal of government regulations on business activities |
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| Formula used to compute the amount of a depository institution's required reserves. |
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| state of working for less than one hour per week for pay or profit in a non-family owned business, while being available and having made an effort to find a job during the past month |
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Definition
| Federal Insurance Contributions Act; tax levied on employers and employees to support Social Security and medicare |
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