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Economic Policy and the Budgetary Process (Essential Vocab (capitalist…
Economic Policy and the Budgetary Process
Theories-
to taxing, spending, money supply
Laissez-Faire
text
weed out the weak
absence of government control
Adam Smith-Wealth of Nations
Invisible Hand
pursuit of profit
Keynesian
theory that business cycles stem from imbalances between aggregate demand and productive capacity
government can stabilize the economy
govern can control aggregate demand through fiscal and monetary policy
Supply Side
Essential Vocab
capitalist economy
-private individuals own property, sell goods in open markets and accumulate wealth
depression
inflation
business cyle
aggregate demand
productive capacity
GDP
fiscal policy
monetary policy
CPI