study material for Economics CH 10 Vocab - Ponder
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| distribution of income | how income is allocated among individuals, families, and other groups in the economy
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| appropriations bill | act of Congress that authorizes federal agencies to spend money
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| federal budget deficit | situation in which federal spending exceeds revenue
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| public sector | part of the economy made up of federal, state, and local governments
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| intergovernmental expenditures | funds transferred from one level of government to another for spending
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| discretionary spending | federal programs that must receive annual authorization by Congress
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| line-item veto | presidential power to cancel specific budget items without rejecting the entire budget
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| crowding-out effect | higher interest rates caused by heavy government borrowing
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| spending cap | legal limits on annual discretionary spending
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| federal debt | total amount the government borrowed from investors to finance deficit spending
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| private sector | that part of the economy made up of individuals and privately owned businesses
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| fiscal year | 12-month financial-planning period that may or may not correspond with the calendar year
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| per capita | per person
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| entitlement | social programs that provide services or income to all individuals who meet eligibility
requirements
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| balanced budget amendment | budget in which spending equals revenues
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