National Economy Vocab

4. Economic activities not involving market exchanges, like volunteer work.
8. Government spending more than its revenue, requiring borrowing.
11. Real GDP divided by the population to estimate average output per person.
12. A tax where rates decrease as income rises, impacting lower incomes more.
13. Government spending required by law, like Social Security.
14. A temporary measure allowing government operations if the budget isn’t passed.
15. The sale of used goods, typically between individuals.
17. A law that allocates government funds for specific purposes.
21. The maximum amount the U.S. government can borrow.
22. A 12-month period used for budgeting and accounting.
24. Income thresholds used to determine eligibility for assistance programs.
25. A population count and survey to gather demographic data.
28. The total amount of money the government owes from borrowing.
31. Goods used in the production of other goods and services.

1. Economic activity not regulated or taxed by the government.
2. A tax where rates increase as income rises.
3. A tax system with the same rate for all income levels.
5. Government actions on taxes, spending, and borrowing to influence the economy.
6. When government revenue exceeds its spending in a fiscal year.
7. Government spending that can be adjusted through the budget process.
9. GDP adjusted for inflation to reflect actual economic growth.
10. A tax on individuals' earnings like wages and investment income.
16. The amount individuals can spend or save after taxes.
18. The reference year used for comparing economic data.
19. A tax on wages to fund programs like Social Security.
20. The total value of all goods and services produced in a country.
23. U.S. agency that administers and enforces federal tax laws.
26. The minimum income level required for a basic standard of living.
27. The physical systems needed for society to function, like transportation.
29. When government spending exceeds its revenue in a fiscal year.
30. Central bank actions to control money supply and interest rates.
32. A tax on imported or exported goods.