| A | B |
|---|
| Recession | A decline in the economy, with lower levels of production and employment. |
| Social Programs | Things such as health care, unemployment, and pensions funded and maintained by different levels of gov't to support all citizens. |
| Protectionism | A system of using tariffs to raise the price of imported goods in order to protect domestic producers. |
| Free Trade | Removing taxes and tariffs between provinces and countries and opening markets to competition. |
| Free Trade Agreement | Came into force on January 1, 1989. Its goal is to reduce tariffs between Canada and USA. |
| North American Free Trade Agreement | Started when USA joined forces with Mexico and Canada was asked to join; thus this org formed. |
| Goods and Services Tax | In 1991, in the midst of a recession, this was formed to collect 7% from all purchases. |
| National Debt | The government's accumulated deficits-the money owed to lenders and bond-holders. |
| Balanced Budget | The government's plans for expenditures that do not exceed revenues. |
| Decifit | The difference between expenditures and revenues that results when a government spends more than it makes. |
