Free Economics Flashcards about 12 ECON Vocab 10

12 ECON Vocab 10

study material for Economics CH 10 Vocab – Ponder

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

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