National Economy Vocab

5. Government spending required by law, like Social Security.
8. The sale of used goods, typically between individuals.
12. Real GDP divided by the population to estimate average output per person.
15. The total value of all goods and services produced in a country.
19. Economic activities not involving market exchanges, like volunteer work.
24. A tax where rates decrease as income rises, impacting lower incomes more.
25. The reference year used for comparing economic data.
26. U.S. agency that administers and enforces federal tax laws.
27. When government revenue exceeds its spending in a fiscal year.
28. A population count and survey to gather demographic data.
29. The minimum income level required for a basic standard of living.
30. The maximum amount the U.S. government can borrow.
31. The total amount of money the government owes from borrowing.
32. A temporary measure allowing government operations if the budget isn’t passed.

1. The amount individuals can spend or save after taxes.
2. Government spending more than its revenue, requiring borrowing.
3. A tax system with the same rate for all income levels.
4. When government spending exceeds its revenue in a fiscal year.
6. A tax on individuals' earnings like wages and investment income.
7. Government actions on taxes, spending, and borrowing to influence the economy.
9. Central bank actions to control money supply and interest rates.
10. A tax on wages to fund programs like Social Security.
11. A tax where rates increase as income rises.
13. A 12-month period used for budgeting and accounting.
14. A tax on imported or exported goods.
16. GDP adjusted for inflation to reflect actual economic growth.
17. Government spending that can be adjusted through the budget process.
18. Economic activity not regulated or taxed by the government.
20. The physical systems needed for society to function, like transportation.
21. A law that allocates government funds for specific purposes.
22. Goods used in the production of other goods and services.
23. Income thresholds used to determine eligibility for assistance programs.