Economics Unit #4 Vocab Flashcard

Front

Fiscal Policy responds to which cycle?

Back

Business Cycle

Front

Fiscal Policy of cutting taxes, increasing welfare spending, and increasing money supply?

Back

Expansionary Fiscal Policy

Front

Fiscal Policy to slow the economy, prevent inflation, reduce welfare, and raise taxes?

Back

Contractionary Fiscal Policy

Front

Social Security, Medicare, Medicaid, welfare, healthcare, interest on National Debt

Back

Mandatory Spending

Front

National Defense, education, environment, species protection, etc.

Back

Discretionary Spending

Front

Money paid to the government

Back

Revenue

Front

SEE stands for?

Back

Simplicity, equitable, efficient

Front

Government goods/services should be paid for based on benefits received.

Back

Benefit Principle

Front

Taxation based on ability to pay

Back

Ability to pay principal

Front

Imposes the same percentage on all, regardless of income

Back

Proportional