| A | B |
|---|
| How many billion are there in a trillion? | 1000 billions |
| powers of taxation, spending and borrowing | Congress |
| power to print money, regulate commerce, regulate foreign trade and regulate banking | Congress |
| amount of yearly debt that occurs when federal govt. spends more than it takes in | deficit |
| amt. of money govt. receives in a given year that's in exess of amt. govt. gives out | surplus |
| national debt | $1.2 trillion |
| the total amount of money that the government owes | national debt |
| gross domestic product GDP | total value of all goods and services produced in our country in one year |
| goods | all items that are produced |
| services | the value of using the labor and knowledge of people |
| U.S. GDP | more than $14.6 trillion |
| was 1998 to 2001 a period of suplus or deficit for the U.S. govt. | surplus |
| Does the current govt. run a surplus or a deficit? | deficit |
| a slowdown in the economy | recession |
| a severe and long slowdown in the economyh | depression |
| how many million are in a billion | 1000 millions |
| the Great Depression | 1930s |
| worst economic crisis since the Great Depression | 2008 |
| What the government must pay on the money it borrows | interest |
| interest on U.S. debt | $575 billion |
| term for amt. of yearly U.S. debt | deficit |
| difference between federal deficit and national debt | fed. deficit is shortfall in revenues each year and nat. debt includes total govt. owes from previous years |
