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AP Gov. @ PHS - unit 5 chapter 19

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vocab
definition
fiscal policy   gov. policy that attempts to manage the economy by controlling taxing and spending  
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monetary policy   gov. policy that attempts to manage the economy by controlling the money supply and interest rates  
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tariff   tax on imports to protect industries, labor, and farmers from foreign competition/raise revenue  
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excise tax   consumer tax on a specific kind of merchandise  
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progressive tax   people with higher incomes pay a larger fraction of their income than people with lower incomes  
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regressive tax   people with lower incomes pay a higher fraction of their income than people with higher incomes  
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deficit   difference between revenues raised annually and the amount spent including paying the interest on past borrowing  
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debt   accumulated total of federal deficits, minus surpluses, over the years  
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GDP   gross domestic product: estimate of total output of all economic activity in the nation, icluding goods and services  
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OMB   Office of Management and Budget: Presidential staff agency that serves a a clearing house for budgetary requests and management improvements  
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sales tax   general tax on sale transactions (sometimes exempts food and drugs)  
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CBO   agency of congress that analyzes residential budget recommendations and estimates the cost of proposed legislation  
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tax expenditures   loss of tax revenue due to federal tax laws that provide special tax incentives or benefits to individuals or businesses  
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GAO   General Accounting Office: independent investigative arm of Congress that checks on reciept and disbursement of public funds and reviews the performance of gov. agencies  
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laissez-faire economics   theory that opposes gov. interference in the economy beyond what is necessary to protect life and property  
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keynesian economics   theory that gov. spending should increase during business slumps and be curbed during booms  
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trade deficit   imbalance in international trade in which the value of imports exceeds the value of exports  
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WTO   World Trade Organization: international org. derived from GATT; promotes free trade around the world  
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GATT   General Agreement on Tariffs and Trade: international trade org. that seeks to encourage free trade by lowering tariffs and other trade restictions  
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NAFTA   North American Free Trade Agreement: agreement between US, Canada, and Mexico to form largest free trade zone in the world  
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protectionism   policy of creating trade barriers to protect domestic industry  
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independent regulatory agency   gov. agency responsible for enforcing particular statutes; exits outside the three branches of gov.  
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deregulation   policy that promotes cutbacks in amount of federal gov. by returning many functions to the states  
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