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Definition
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Term
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Definition
| part of the economy made up of the federal, state, and local governments |
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Definition
| part of the economy made up of private individuals and privately-owned businesses |
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| what are the two kinds of government expenditures? |
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Definition
1)purchase of goods and services
2)payments to disadvantaged Americans and other designated groups (transfer payments) |
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Definition
| a payment for which the government receives neither goods nor services in return. |
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| a transfer payment one level of government makes to another |
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| the way in which income is allocated among families, individuals, or other designated groups in the economy |
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Definition
| an annual plan outlining proposed revenues and expenditures for the coming year |
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Definition
| spending authorized by law that continues without the need for annual approvals of Congress |
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Term
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Definition
| programs that must receive annual authorization |
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| a 12-month financial planning period that may or may not coincide with the calendar year |
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Definition
| excess of expenditures over revenues |
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Definition
| expenditures are less than revenues |
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Term
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Definition
| an act of Congress that allows federal agencies to spend money for specific purposes |
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Definition
| a joint federal-state medical insurance program for low-income persons |
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| balanced budget amendment |
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Definition
| a constitutional amendment that requires that annual spending not exceed revenues |
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| intergovernmental expenditures |
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Definition
| funds that one level of government transfers to another level for spending (largest category of state spending) |
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Term
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Definition
| spending in excess of revenues collected |
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| total amount borrowed from investors to finance the government's deficit spending |
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Definition
| an annual budget in which expenditures equal revenues |
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Definition
| special accounts used to fund specific types of expenditures such as social security and medicare |
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Definition
| the higher-than-normal interest rates that heavy government borrowing causes |
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| "pay-as-you-go" provision |
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Definition
| a requirement that new spending proposals or tax cuts must be offset by reductions elsewhere |
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Definition
| the power to cancel specific budget items without rejecting the entire budget |
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Definition
| legal limits on annual discretionary spending |
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Term
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Definition
| broad social programs that use established eligibility requirements to provide health, nutritional, or income supplements to individuals |
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