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econ ch 15
| Term | Definition |
|---|---|
| fiscal policy | the use of government spending and revenue collection to influence the economy |
| federal budget | a plan for the federal government’s revenues and spending for the coming year |
| fiscal year | a twelve-month period that can begin on any date |
| office of management and budget | government office that manages the federal budget |
| congressional budget office | government agency that provides economic data to Congress |
| appropriations bill | a bill that sets money aside for specific spending |
| expansionary policies | fiscal policies, like higher spending and tax cuts, that encourage economic growth |
| classic economics | the idea that free markets can regulate themselves |
| productive capacity | the maximum output that an economy can produce without big increases in inflation |
| demand-side economics | the idea that government spending and tax cuts help an economy by raising demand |
| keynesian economics | a form of demand-side economics that encourages government action to increase or decrease demand and output |
| multiplier effect | the idea that every one dollar of government spending creates more than one dollar in economic activity |
| supply-side economics | a school of economics that believes tax cuts can help an economy by raising supply |
| council of economic advisers | a group of three respected economists that advise the President on economic policy |
| balanced budget | a budget in which revenues are equal to spending |
| budget surplus | a situation in which the government takes in more than it spends |
| budget deficit | a situation in which the government spends more than it takes in |
| hyperinflation | very high inflation |
| treasury bill | a government bond that is repaid within three months to a year |
| treasury note | a government bond that is repaid within two to ten years |
| treasury bond | a government bond that can be issued for as long as 30 years |
| crowding-out effect | the loss of funds for private investment due to government borrowing |
| national debt | all the money the federal government owes to bondholders |
| contractionary policies | fiscal policies, like lower spending and higher taxes, that reduce economic growth |
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