deficit
the result of when the government in one year spends more money than it takes in from taxes
national debt
the total deficit from the first presidency down to the present
gross domestic product
the total of all goods and services produced in the economy during a given year
monetarism
the belief that inflation occurs when too much money is chasing too few goods
Keynesianism
the belief the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation
economic planning
the belief that government plans, such as wage and price controls or the direction of investment, can improve the economy
supply-side theory
the belief that lower taxes and fewer regulations will stimulate the economy
monetary policy
managing the economy by altering the supply of money and interest rates
fiscal policy
managing the economy by the use of tax and spending laws
globalization
the growing integration of the economies and societies of the world
budget
a document that states tax collections, spending levels, and the allocation of spending among purposes
fiscal-year
for the federal government, October 1 through the following September 30
budget resolution
a congressional decision that states the maximum amount of money the government should spend
entitlements
a claim for government funds that cannot be changed without violating the rights of the claimant
sequester
automatic spending cuts
discretionary spending
spending that is not required to pay for contracts, interest on national debt, or entitlement programs such as national security