Chapter 17 The Budget and Economic Policies
Political Science 1101 with Greenberg at University of Colorado Boulder
About this deck
By: Morgan Barstad
Textbook:
Struggle for Democracy, The (10th Edition) (Mypoliscilab)
Created: 2011-04-27
Size: 29 flashcards
Views: 85
Textbook:
Struggle for Democracy, The (10th Edition) (Mypoliscilab)Created: 2011-04-27
Size: 29 flashcards
Views: 85
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Public Policy
What government does, usually in the form of new laws and regulations or in the interpretation and implementation of existing laws and regulations.
Distributive policies
Government policies targeted at narrowly defines groups or individuals.
Redistributive policies
Government policies that transfer resources from one group or class to another.
Regulatory policies
Government policies that require a group or class of groups to change its behavior to serve some public purpose.
Public goods
Government policies that provide benefits for everyone.
Inflation
A condition of rising prices and reduces purchasing power.
Recession
Two quarters or more of declining gross domestic product.
Depression
A sever and persistent drop in economic activity.
Gross Domestic Product (GDP)
Monetary value of all goods and services produced in a nation each year.
Balance of payments
The annual difference between payments and receipts between a country and its trading partners.
Externalities
the positive and negative effects of economic activities on third parties.
Federal Reserve Board (Fed)
The bodt responsible for deciding the monetary policies of the United States.
Macroeconomic policy
Policy that has to do with the performance of the economy as a whole.
Fiscal Policy
Government efforts to affect overall output and incomes in the economy through spending and taxing policies.
Monetary Policy
Government efforts to affect the supply of money and the level of interest rates in the economy.
Keynesians
Advocates of government programs to stimulate economic activity through tax cuts and government spending.
Monetarists
Advocates of a minimal government role in the economy, limited to managing the growth of the money supply.
Office of Management and Budget (OMB)
Part of the exec office of the President charged with helping the president prepare the annual budget request to Congress; also performs oversight of rule-making by exec branch agencies.
Appropriations committees
The committees in the House and Senate that set specific spending levels in the budget for federal budgets and agencies.
Deficit hawks
People committed to reducing budget deficits.
Discretionary Spending
that part of the federal budget that is not tied to a formula that automatically provides money to some program or purpose.
payroll tax
tax levied on salaries and wages for Social Security and Medicare.
Progressive taxation
a tax system in which higher-income individuals are taxed at a higher rate than those below them.
regressive taxation
a tax system in which lower-income individuals are taxed at a higher rate that those above them.
Congressional Budget Office (CBO)
An agency of the US Congress that provides technical support and research services on budget issues for its members and committees.
Budget deficit
The amount by which annual government expenditures exceed revenues.
National debt
The total outstanding debt of the federal government; the sum of all annual budget deficits and surpluses.
regulation
the issuing of rules by government agencies with the aim of reducing the scale of negative externalities produced by private firms.
deregulation
the process of diminishing regulatory requirements for business.
About this deck
By: Morgan Barstad
Textbook: Struggle for Democracy, The (10th Edition) (Mypoliscilab)
Created: 2011-04-27
Size: 29 flashcards
Views: 85
Textbook:
Struggle for Democracy, The (10th Edition) (Mypoliscilab)Created: 2011-04-27
Size: 29 flashcards
Views: 85
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“I have been getting MUCH better grades on all my tests for school. Flash cards, notes, and quizzes are great on here. Thanks!”
Kathy
Kathy