Politics and Economics Vocabulary 1 Mr. Thacker

Chapter 15 Unit 4: Taxation

Identify and/or Explain

1. Fiscal

2. Fiscal policy

3. Federal budget

4. Fiscal year

5. OMB

6. CBO

7. Small committees

8. Budget committee

9. Appropriations bills

10. “stop-gap funding”

11. Expansionary policies

12. Contractionary policies

13. Aggregate demand

14. Inflation

Questions

1. Explain the two parts of expansionary policies, and how they interact. (8)

2. Explain the two parts of contractionary policies, and how they interact. (8)

3. List and explain the limits of fiscal policy (10)