National Economy Vocab

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Across
  1. 2. A situation in which income or receipts exceed expenditures, often referring to government accounts.
  2. 4. Central bank actions involving the control of the money supply and interest rates to influence the economy.
  3. 5. A tax system where the tax rate decreases as the amount subject to taxation increases.
  4. 11. A tax levied on the wages, salaries, and other income of individuals.
  5. 12. The U.S. government agency responsible for tax collection and tax law enforcement.
  6. 14. Government spending on certain programs that is mandated by existing law, such as Social Security and Medicare.
  7. 15. A tax imposed on employers or employees, usually calculated as a percentage of wages, to fund social insurance programs.
  8. 18. An official count or survey of a population, typically recording various details of individuals.
  9. 22. Government spending implemented through an appropriations bill, decided annually by Congress.
  10. 25. When a government spends more money than it receives in revenue, borrowing to make up the difference.
  11. 26. Federal measures used to determine eligibility for certain programs, based on household income.
  12. 27. GDP adjusted for changes in price or inflation, reflecting the true value of goods and services.
  13. 29. The financial situation where a government's expenditures exceed its revenues in a given period.
  14. 31. A tax system where the tax rate stays the same regardless of income level.
  15. 32. The basic physical and organizational structures needed for the operation of a society, such as roads and power supplies.
Down
  1. 1. Economic activities not measured in GDP because they do not involve market exchange, such as household work.
  2. 3. Economic activities that are not reported to the government and therefore not taxed or monitored.
  3. 6. The year used for comparison in the measure of economic data, such as in index numbers or inflation calculations.
  4. 7. The total market value of all final goods and services produced within a country in a specific time period.
  5. 8. Legislation that allows federal agencies to continue operating at current funding levels for a set time when a formal budget has not been passed.
  6. 9. Goods used as inputs in the production of other goods, not counted in GDP to avoid double counting.
  7. 10. The minimum level of income deemed necessary to achieve an adequate standard of living.
  8. 13. A tax imposed on imports and exports of goods.
  9. 16. A legislative motion that authorizes the government to spend money for specific purposes.
  10. 17. The sale of used goods, which are not included in GDP calculations.
  11. 19. The amount of money individuals have to spend or save after income taxes.
  12. 20. Real GDP divided by the total population, showing the average economic output per person.
  13. 21. Government policy relating to taxation, spending, and borrowing to influence the economy.
  14. 23. The total amount of money that a country's government has borrowed.
  15. 24. A tax system where the tax rate increases as the taxable income increases.
  16. 28. A cap set by Congress on how much the government is allowed to borrow.
  17. 30. A 12-month period used for budgeting, accounting, and financial reporting, not necessarily matching the calendar year.