ECO Topic 9 Vocabulary
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| Fiscal policy | the use of government spending and revenue collection to influence the economy
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| Federal budget | a written document estimating the federal government's revenue and authorizing its spending for the coming year
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| Fiscal year | any 12-month period use for budgeting purposes
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| Appropriations bill | a bill that authorizes a specific amount of spending by the government
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| Expansionary policy | a fiscal policy used to encourage economic growth, often through increased spending or tax cuts
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| Contractionary policy | a fiscal policy used to reduce economic growth, often through decreased spending or higher taxes
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| Demand-side Economics | a school of thought based on the idea that demand for goods drives the economy
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| Keynesian Economics | a school of thought that used demand-side theory as the basis for encouraging government action to help the economy
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| Supply-side Economics | a school of thought based of the idea that the supply of goods drives the economy
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| Deficit spending | when government expenditures exceed revenues
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| John Maynard Keynes | British economist developed a new theory of economics to explain the Great Depression through macroeconomics
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| Milton Friedman | one of Reagan’s advisers, a former professor of economics who strongly supported individual freedom and pushed for more laissez-faire polices – hallmarks of classical and supply-side economics
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| Budget surplus | a situation in which budget revenues exceed expenditures
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| Budget deficit | a situation in which budget expenditures exceed revenues
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| Treasury bill | a government bond with a maturity date of 26 weeks or less
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| Treasury note | a government bond with a term of from 2 to 10 years
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| Treasury bond | a government bond that is used in terms of 30 years
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| National debt | the total amount of money the federal government owes to bondholders
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| Excess reserves | bank reserves greater than the amount required by the Federal Reserve
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| Discount rate | an interest rate that the Federal Reserve charges commercial banks for loans
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| Federal funds rate | the interest rate that banks charge each other for loans
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| Prime rate | the rate of interest that banks charge on short-term loans to their best customers
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| Open market operations | the buying and selling of government securities in order to alter the supply of money
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| Easy money policy | a monetary policy that increases the money supply
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| Tight money policy | a monetary policy that reduces the money supply
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| Monetarism | the belief that the money supply is the most important factor in macroeconomic performance
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| Friedrich Hayek | he questioned economist’s ability to influence the economy effectively and had faith in a free economy’s ability to self-adjust
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