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ECO Topic 9 Vocab

ECO Topic 9 Vocabulary

TermDefinition
Fiscal policy the use of government spending and revenue collection to influence the economy
Federal budget a written document estimating the federal government's revenue and authorizing its spending for the coming year
Fiscal year any 12-month period use for budgeting purposes
Appropriations bill a bill that authorizes a specific amount of spending by the government
Expansionary policy a fiscal policy used to encourage economic growth, often through increased spending or tax cuts
Contractionary policy a fiscal policy used to reduce economic growth, often through decreased spending or higher taxes
Demand-side Economics a school of thought based on the idea that demand for goods drives the economy
Keynesian Economics a school of thought that used demand-side theory as the basis for encouraging government action to help the economy
Supply-side Economics a school of thought based of the idea that the supply of goods drives the economy
Deficit spending when government expenditures exceed revenues
John Maynard Keynes British economist developed a new theory of economics to explain the Great Depression through macroeconomics
Milton Friedman one of Reagan’s advisers, a former professor of economics who strongly supported individual freedom and pushed for more laissez-faire polices – hallmarks of classical and supply-side economics
Budget surplus a situation in which budget revenues exceed expenditures
Budget deficit a situation in which budget expenditures exceed revenues
Treasury bill a government bond with a maturity date of 26 weeks or less
Treasury note a government bond with a term of from 2 to 10 years
Treasury bond a government bond that is used in terms of 30 years
National debt the total amount of money the federal government owes to bondholders
Excess reserves bank reserves greater than the amount required by the Federal Reserve
Discount rate an interest rate that the Federal Reserve charges commercial banks for loans
Federal funds rate the interest rate that banks charge each other for loans
Prime rate the rate of interest that banks charge on short-term loans to their best customers
Open market operations the buying and selling of government securities in order to alter the supply of money
Easy money policy a monetary policy that increases the money supply
Tight money policy a monetary policy that reduces the money supply
Monetarism the belief that the money supply is the most important factor in macroeconomic performance
Friedrich Hayek he questioned economist’s ability to influence the economy effectively and had faith in a free economy’s ability to self-adjust
Created by: cwarsing