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Unit Five Econ
| Term | Definition |
|---|---|
| public goods | Goods, such as clean air and clean water, that everyone must share. |
| Social Security | (FDR) 1935, guaranteed retirement payments for enrolled workers beginning at age 65; set up federal-state system of unemployment insurance and care for dependent mothers and children, the handicapped, and public health |
| social security pay as you go program | This means that today's workers pay Social Security taxes into the program and money flows back out as monthly income to beneficiaries. |
| Great Depression | historic event made people believe that there was a need for more government programs, particularly "safety net" programs for the needy? |
| Medicare | A federal program of health insurance for persons 65 years of age and older |
| Medicaid | A federal and state assistance program that pays for health care services for people who cannot afford them. |
| Recession | A slowdown in a nation's economy |
| John Maynard Keynes | economist believed that the government should borrow and spend to stimulate aggregate demand in order to avoid or shorten economic recessions? |
| expansionary fiscal policy | An increase in government purchases of goods and services, a decrease in net taxes, or some combination of the two for the purpose of increasing aggregate demand and expanding real output |
| expansionary monetary policy | monetary policy that increases aggregate demand |
| contractionary fiscal policy | Fiscal policy used to decrease aggregate demand or supply. Deliberate measures to decrease government expenditures, increase taxes, or both. Appropriate during periods of inflation. |
| contractionary monetary policy | monetary policy that reduces aggregate demand |
| progressive tax system | a tax whose average tax rate increases as the taxpayer's income increases and decreases as the taxpayer's income decreases |
| proportional (flat) tax system | system is one in which everyone pays the same rate, regardless of income. ... While the U.S. federal tax system is progressive, meaning that a worker's income is taxed according to her level of income, some states have flat taxes on income as well. |
| regressive tax system | a tax whose average tax rate decreases as the taxpayer's income increases and increases as the taxpayer's income decreases |
| The Sixth Federal Reserve District | the district that Tennessee is in |
| federal funds rate | the interest rate at which banks make overnight loans to one another |
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