Level 25
Level 26

Politics of Economic Prosperity


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deficit
a government's practice of spending more money than it receives in revenue, the difference being made up by borrowing
National Debt
The total amount of all deficits
GDP Gross Domestic Product
The total amount 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 that 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 few regulations would stimulate the economy
Lochner v. New york
Deemed a New York limiting hours worked by bakers as unconstitutional
Muller v. Oregon
Overruled Lochner; Deemed an Oregon Law limiting hours worked by women as constitutional
West Coast Hotel Co. v. Parrish
Deemed a Washington State minimum wage law for women as constitutional
Youngstown Sheet and Tube Co. v. Sawyer
The president doesn't have the authority to seize Private steel mills sen during wartime
Monetary Policy
Managing the economy by altering money and interest rates
Fiscal Policy
Managing the economy by altering 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-September 3o
Budget Resolution
A congressional decision that states the maximum amount of money that 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 not required to pay for contracts, interest on national debt, or entitlement programs such as social security
Level 27