Economic Policy 101: A Crash Course
US Gov/Ms. Strong Name____________________________Per___
Economic Policy 101
Directions – You will research economic policy usually a variety of sources, and define the terms below.
• Magruder’s textbook (Ch 16 Financing Government, glossary, etc.)
• Online sources
I. Economics: The Basics
|Economic Term |Definition |
|Economics | |
|Supply and Demand | |
| | |
| | |
| | |
| | |
|Economic Policy | |
II. Where does the Government get its revenues i.e. taxes?
|Type of Tax |Definition |Examples |
|Progressive Tax | | |
|Individual Income Tax | | |
|Corporate Income Tax | | |
|Payroll (Entitlement) Tax | | |
|Regressive Tax | | |
|Excise Tax | | |
|Estate Tax | | |
III. Why does the government borrow money?
|Budget Term |Definition |
|Budget | |
|Interest | |
|Budget Deficit | |
|Budget Surplus | |
|National (Public) Debt | |
IV. Where does the government spend its money?
|Type of Spending |Definition |
|Mandatory or “Uncontrollable | |
|Spending | |
|1) Interest on the Debt | |
|2) Entitlements | |
| a) Social Security | |
| b) Medicare | |
| c) Medicaid | |
|Discretionary or “Controllable| |
|Spending” | |
|1) Defense Spending |• How much did the U.S. Government spend on defense in 2004? |
| | |
| |• Why does the government spend so much on defense? |
|2) Non-defense Spending |From the table on p. 468 (2013e)/460 (2005e) aside from defense spending, what were the top 3 departments spent the most money|
| |in 2004? |
| |1) 2) 3) |
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