Definitions
Gdp
Value of total good/service produced in a year
Structural
Skills don’t match job requirement
Increase effects the economy how
Middle/ lower class would suffer
FOMC
Policy making body of fed reserve
What does fiscal policy affect
Gdp
Unemployment
% of labor force out of work but looking for work
Seasonal
Due to the season
Decrease in tax does what
Increase consumer spending
Who started first bank
Alexander Hamilton
Who decides fiscal policy
Congress and the administration
Inflation
Increases in price across economy
Cyclical
How the economy is
Increase in gov spending could do what
Increase taxes
First bank located
Philadelphia
Example of fiscal policy
Tax cuts and increase gov spending
CPI
Determined by measuring the price of a standard group of goods meant to represent the market basket of a typical consumer
Frictional
Take time to find a job
Decrease in gov spending could do what
More money for civilians
Head of reserve
Jerome Powell
Types of fiscal policy
expansionary and contractionary
Aggregate supply/demand
Amount of goods or services purchased or available
How many people unemployed in America August 2018
6.2 million
Tax deficit for 2019
985 billion
First woman to head reserve
Janet Yellen
Goal of fiscal policy
Full employment