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terms list
per capita
per person
public sector
the part of the economy made up of federal, state, and local governments
transfer payment
A payment made by a government to someone who does not produce a good or service in return
private sector
the part of the economy made up of private individuals and privately owned businesses
grant-in-aid
a transfer payment one level of government makes to another
distribution of income
the way in which income is allocated among families, individuals, or other designated groups in the economy
federal budget
a plan for the federal government's revenues and spending for the coming year
mandatory spending
federal spending required by law that continues without the need for annual approvals (appropriations) by Congress
discretionary spending
spending the president and congress can change
fiscal year
a 12 month financial planning period that mat or may not coincide with the calendar year
federal budget surplus
excess of revenues over expenditures
federal budget deficit
when the government spends more on programs than it collects in taxes
appropriations bill
bill sets money aside for specific spending
medicaid
medical expense assitance provide by the state goverment to needy families
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