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12 ECON Vocab 10
study material for Economics CH 10 Vocab - Ponder
| Term | Definition |
|---|---|
| distribution of income | how income is allocated among individuals, families, and other groups in the economy |
| appropriations bill | act of Congress that authorizes federal agencies to spend money |
| federal budget deficit | situation in which federal spending exceeds revenue |
| public sector | part of the economy made up of federal, state, and local governments |
| intergovernmental expenditures | funds transferred from one level of government to another for spending |
| discretionary spending | federal programs that must receive annual authorization by Congress |
| line-item veto | presidential power to cancel specific budget items without rejecting the entire budget |
| crowding-out effect | higher interest rates caused by heavy government borrowing |
| spending cap | legal limits on annual discretionary spending |
| federal debt | total amount the government borrowed from investors to finance deficit spending |
| private sector | that part of the economy made up of individuals and privately owned businesses |
| fiscal year | 12-month financial-planning period that may or may not correspond with the calendar year |
| per capita | per person |
| entitlement | social programs that provide services or income to all individuals who meet eligibility requirements |
| balanced budget amendment | budget in which spending equals revenues |
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breckart2
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