Chapter 17: Budgeting Flashcards
The result of when the government spending more money in one year than they take from taxes
Deficit
The total deficit from the first presidency to the present
National Debt
Total of all goods and services produced during a given year
Gross Domestic Product
Independent regulatory agency and central bank of the US
Federal Reserve System
Most banks are members of what?
Federal Reserve System
The Federal Reserve System is run by who?
A board of governors
Those in the Federal Reserve serve how many years as governor
14 years
Those in the Federal Reserve serve how many years as chairman
4 years (can be renewed)
The Federal Reserve regulates what?
The supply and price of money
Raising interest rates and lowering the money supply (Lowers demand)
Deflation
Lowering interest rates and raising money supply (raises demand)
Inflation
Within the executive office of the president
Economic Advisory Council
Advises president on maintaining a stable economy
Economic Advisory Council
Prepares the president’s annual economic report to congress
Economic Advisory Council
