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Econ Chapter 10 Voca
| definition | term |
|---|---|
| 12-month financial planning period that may not coincide with the calendar year | fiscal year |
| government pay to encourage or protect a certain economic activity | subsidy |
| per person basis; total divided by population | per capita |
| provision that new spending proposals or tax cuts must be offset by reductions elsewhere | pay as you go |
| transfer payment from one level of government to another that does no involve compensation | grant in aid |
| legislation authorizing spending for certain purposes | appropriations bill |
| special account used to hold revenues designated for a specific expenditure such as Social Security, Medicare, or highways | trust fund |
| annual plan outlining proposed expenditures and anticipated revenues | federal budget |
| that part of the economy made up of private individuals and businesses | private sector |
| program or benefit using established eligibility requirements to provide health, nutritional, or income supplements to individuals | entitlement |
| a negative balance after expenditures are subtracted from revenues | budget deficit |
| a line-item budget expenditure that circumvents normal budget procedures and benefits a small number of people or businesses | pork |
| federal spending authorized by law that continues without the need for annual approvals by Congress | mandatory |
| funds that one level of government transfers to another level for spending | intergovernmental expenditures |
| that part of the economy made up of local, state, and federal governments | public sector |
| s positive balance after expenditures are subtracted from revenues | budget surplus |
| payment for which the government receives neither goods nor services in return | transfer |
| limits on annual discretionary spending | spending cap |
| total amount borrowed from investors to finance the governments deficit spending | national debt |
| spending for federal programs that must receive annual authorization | discretionary |
| constitutional amendment requiring government to spend no more than it collects in taxes and other revenues, excluding borrowing | balanced budget amendment |
| higher than normal interest rates and diminished access to financial capital faced by private borrowers when they compete with government borrowing in financial markerts | crowding out effect |
| annual budget in which expenditures equal revenues | balanced budget |
| annual government spending in excess of taxes and other revenues | deficit spending |
| power to cancel specific budget item without rejecting the entire budget | line item veto |
| joint federal-sate medical insurance program for low-income people | medicaid |
| federal health-care program for senior citizens, regardless of income | social security |
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