AP Government - Chapter 16 Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Monetarism | An economic philosophy that assumes inflation occurs when there is too much money chasing too few goods. It suggests that the proper thing for government to do is to have a steady, predictable, increase in the money supply. Growth = productivity
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| Keynesianism | An economic philosophy that assumes that the market will not automatically operate at a full-employment, low-inflation level. It suggests that government should intervene to create the right level of demand by pumping more money or taking it out.
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| Economic Planning | An economic philosophy that assumes that the government should plan, in varying ways, some part of the country's economic activity. For instance, in times of high inflation, it suggests that the government regulate the max prices and wages.
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| Industrial policy | a form of economic planning that would hav the government planning or subsidizing investments in industries that need to recover or in new industries that could replace them
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| Price and wage controls | Part of economic planning. Would control the max prices that could be charged as well as the max wages that could be paid.
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| Supply side theory | An economic philosophy that holds that sharply cutting taxes will increase the incentive people have to work, save, and invest. Greater investments will lead to more jobs, a more productive economy, and more tax revenues for the government.
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| Reagonomics | The federal economic policies of the Reagan administration, elected in 1981. The policies combined a monetarist fiscal policy, supply side tax cuts, and domestic budget cutting. Their goal was to reduce the size of the fed goverment & stimulate growth
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| Fiscal policy | An attempt to use taxes and expenditures to affect the economy.
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| Budget deficit | A situation in which the government spends more money than it takes in from taxes and fees.
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| Budget Surplus | A situation in which the government takes in more money than it spends.
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| Monetary Policy | An attempt to alter the amount of money in circulation and the price of money (the interest rate) to affect the economy.
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| Fiscal Year | The period from October 1st to September 30th for which government appropriations are made and federal books are kept. It is named for after the year in which it ends.
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| Budget | A document that announces how much the government will collect in taxes and spend in revenues and how those expenditures will be allocated among various programs.
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| Budget Resolution | A proposal submitted by the HOuse and Senate Budget committees to their respective chambers recommending a total budget ceiling and ceiling for each of the several spending areas for the current fiscal year.
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| Entitlements | A claim for government funds that cannot be abridged without violating the rights of the claimant.
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| Sequester | Automatic across the board cuts in certain federal programs that are triggered by law when Congress and the president cannot agree on a spending plan.
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