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Ch16 Policy

Key Terms from Chap 16

QuestionAnswer
Foreign Policy Affairs of the US and other Nations.
Domestic Policy Internal affairs of the Nation.
Globalization Interconnectedness of nations around the world on economic, political, cultural, social, and military dimensions.
Sources of Government Revenue 1. Income Taxes (individuals) 2. Corporate Taxes 3. Social Insurance Taxes (Social Security, Medicare, etc) 4. Estate Taxes 5. Excise Taxes (indirect taxes on sale of specific goods ex:gasoline tax) 6. Tariffs
Factors that Determine the State of the Economy 1. Unemployment Rate 2. Balance of Trade (Good = exports>imports; Bad = exports<imports) 3. Budget (surplus or deficit) 4. Inflation or Deflation
Inflation Increase in prices.
Deflation Decrease in prices.
Discretionary Spending Optional spending.
Mandatory Spending Required spending.
What is 2/3 of the Federal Budget? Entitlement Programs (Soc Security, Medicare, Food Stamps, etc)
Created by: 889597274548482
Popular American Government sets

 

 



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