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Unit 7A The Free Enterprise System

front 1

money paid by one level of government to another level
of government

back 1

Intergovernmental revenue

front 2

occurs when the government spends more than it collects

back 2

occurs when the government spends more than it collects

front 3

reports revenue and spending for the year and sets
spending goals for various categories

back 3

budget resolution

front 4

spending that requires no annual approval

back 4

mandatory spending

front 5

bank from which commercial banks borrow money

back 5

central bank

front 6

created dual banking

back 6

National Banking Act

front 7

a low-cost bank open only to employees of the group that sponsors it

back 7

credit union

front 8

an unintended consequence of an action that affects
parties not involved in the action

back 8

externality

front 9

occurs when real GDP decreases for six months in a row

back 9

recession

front 10

the government's bank

back 10

the Fed