The flashcards below were created by user BehnD on FreezingBlue Flashcards.

  1. Increases per capita real GDP measured by it's rate of change per year.
    Economic Growth
  2. A government protection that gives the inventor the exclusive right to
    make, use, or sell an invention for a limited period of time (currently,
    20 years).
  3. Transforming an invention into something that is useful to humans.
  4. The time difference between recognizing an economic problem and
    implementing a policy to solve it. The action time lag is quite long for
    fiscal policy, which requires congressional approval.
    Action Time Lag
  5. Special provisions of certain federal programs that cause changes in
    desired aggregate expenditures without the action of Congress and the
    President. Examples: federal progressive tax system, and unemployment
    Automatic (built-in) Stabilizers
  6. A situation in which the government's spending is exactly equal to the
    total taxes and other revenues it collects during a given period of
    Balanced Budget
  7. The time that elapses between the implementation of a policy and the results of that policy.
    Effect time Lag
  8. Guaranteed benefits under a government program such as Social Security, Medicare, or Medicaid.
  9. The discretionary changing of government expenditures or taxes to
    achieve national economic goals, such as high employment with price
    Fiscal Policy
  10. An excess of government spending over government revenues during a given period of time.
    Government Budget Deficit
  11. An excess of government revenues over government spending during a given period of time.
    Government Budget Surplus
  12. Government spending that changes automatically without action by congress
    Non-Controllable Expenditures
  13. The total value of all outstanding federal government securities.
    Public Debt
  14. The time required to gather information about the current state of an economy.
    Recognition Time-lag
  15. The suggestion that creating incentives for individuals and firms to
    increase productivity will cause the aggregate supply curve to shift
    Supply-side Economics
  16. Tendency of expansionary fiscal policy to cause a decrease in planned
    investment or planned consumption in the private sector. *this decrease
    normally results from the rise of interest rates*
    Crowding-Out Effect
Card Set:
2013-09-04 22:18:51
Economics Vocabulary

Ch's. 12-14
Show Answers: