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Macro Chapter 15
| Term | Definition |
|---|---|
| transfer payments | payments made to groups or individuals when no good or service is received in return |
| government outlays | the part of the government budget that includes both spending and transfer payments |
| mandatory outlays | government spending that is determined by ongoing programs like Social Security and Medicare; sometimes called entitlement programs |
| discretionary outlays | government spending that can be altered when the government is setting its annual budget |
| Social Security | a U.S. government-administered retirement funding program |
| Medicare | a mandated U.S. federal program that funds health care people age 65 and older |
| progressive income tax system | income tax system in which people with higher incomes pay a larger portion of their income in taxes than people with lower incomes do |
| marginal tax rate | the tax rate paid on an individual's next dollar of income |
| budget deficit | condition occurring when government outlays exceed revenue |
| budget surplus | condition occurring when government revenue exceeds outlays |
| debt | the sum total of all accumulated and unpaid budget deficits |
| austerity | policy involving strict budget regulations aimed at debt reduction |
Created by:
v.virgil
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