Money, Banking, and the Budget
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| How money increases when banks use deposits to lend to new borrowers | Money multiplier effect
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| The situation in which the average of all prices of goods and services in an economy is rising | Inflation
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| Theory that the government should not interfere in the economy | Laissez-faire economics
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| Theory that the government should take an active role to stimulate demand by public works projects and cutting taxes during a recession; thinks deficit spending is acceptable | Keynesian economics
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| The percentage of the civilian labor force out of work | Unemployment rate
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| Coins and paper money | Currency
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| The total output of the goods and services that the US produces | Gross domestic product (GDP)
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| Using taxes and spending to impact the economy | Fiscal policy
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| A decline in the real GDP for half a year | Recession
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| When high inflation is accompanied by high unemployment | Stagflation
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| A policy recommending tax cuts and deregulation in order to increase economic growth | Supply side economics
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| Using the supply of money to control the economy | Monetarism
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| The interest rate that the Federal Reserve banks charge to their member banks for loans | Discount rate
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| Spending that is required by law | Mandatory spending
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| A tax that varies with income - the more money you make, the higher the tax rate | Progressive tax
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| Measures the prices of items bought by consumers in a metropolitan area | Consumer Price Index
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| Spending that is not required by law | Discretionary spending
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| Benefit programs, like social security, whose costs are set by law and are not subject to congressional action | Entitlements
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| A tax that falls equally on everyone, regardless of income | Regressive tax
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| The executive agency reviews and modifies funding requests submitted by executive departments and federal agencies in order to conform with the president's spending priorities | Office of Management and Budget
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| The legislative agency that gives advice to the House and Senate Budget committees with information on the economic outlook for the country | Congressional Budget Office
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| Provides the largest share of federal revenue | Individual income taxes
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| Finances social security benefits, Medicare, and the unemployment compensation program | Social insurance taxes
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| Taxes on nonessential goods | Luxury taxes
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| Paid by corporations on their net incomes | Corporate income tax
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| Taxes on items such as tobacco, alcohol, and gambling | Sin taxes
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| Tax on the assets of someone who dies | Estate tax
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| Taxes on the manufacture, sale, or consumption of goods and the performance of services | Excise taxes
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| Paid by most employers and employees in their salary checks to finance social security | Payroll taxes
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Created by:
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