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Eco Policy
| Question | Answer |
|---|---|
| A liberal economic theory that maintains that the government's task is to create the right level of demand by spending when demand is low and taking money out of the economy by increasing taxes or cutting spending when demand is too great | Keynesianism |
| A period of time during which the rate of growth of business activity is consistently less than its long-term trend or is negative | Recession |
| Money and banking policies, and their effect on the economy | Monetary policy |
| An economist who believed that the market will not automatically operate at a full-employment, low-inflation level | John Maynard Keynes |
| A situation in which the government spends more than it takes in, thus pumping more money into the economy | Budget deficit |
| A conservative economic theory that, to avoid inflation, the fed. government should increase the money supply at a rate about equal to the growth in the economy's productivity; beyond that, it should let the free | Monetarism |
| A conservative eco. theory that sharp tax cuts increase the incentive for people to work, save, and invest thus spurring economic growth. | Supply-side |
| The means of economic planning which reflect the belief that the government should intervene in inflationary times by regulating the maximum prices that can be charged and the wages that can be paid | Price and wage controls |
| Economist who advocated that sharply cutting taxes will increase people's incentive to work, save, and invest and that this will lead to more economic growth and, ultimately, to increased revenue | Arthur Laffer |
| The highest-valued alternative given up to pursue any sort of activity | Opportunity cost |
| A group of three professional economists, chosen by the president, who give the president expert advice on the economy; it is responsible for forecasting economic trends, analyzing economic issues, and helping the president's economic report to Congress | Council of Economic Advisers |
| The economic program which combined the theories of monetarism, supply-side tax cuts, and domestic budget cutting | Reaganomics |
| Associated with monetarist economic theory and believer in free markets | Milton Friedman |
| Taxation and budget policies and their effect on the economy | Fiscal policy |
| October 1 to September 30, the period of time for which federal government appropriations are made and federal books are kept | Fiscal year |
| An economic theory that holds that the government should organize at least a part of a country's economic activity by wage and price controls or through industrial policy | Economic planning |
| A persistent increase in the average price level in the economy | Inflation |
| The concept that there is not enough "stuff" for each and every one of us to get everything we want | Scarcity |
Created by:
betsynewmark