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FISCAL BUDGET: A statement of the financial position of government during its fiscal year based on estimates of anticipated tax revenues and expenditures. The U.S. Federal government's fiscal budget is the source of, and lends its name to, fiscal policy.

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Lesson 1: Economic Basics | Unit 1: Economics Page: 3 of 18

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  • The basic definition of economics, which is the scientific study of scarcity and how society uses resources.
  • That economics is also the study of how resources are used to produce goods and services that are used to satisfy consumers' wants and needs.
  • The importance of scarcity, opportunity cost, and analysis to the study of economics.
  • The three questions of allocation, What? How? For Whom?

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CONGRESSIONAL BUDGET OFFICE

A nonpartisan governmental support agency that provides Congress with analyses needed for economic and budget decisions and with the information and estimates required for the Congressional budget process. The Congressional Budget Office was created by the Congressional Budget and Impoundment Control Act of 1974. It began operating on February 24, 1975. The Congressional Budget Office is composed primarily of economists and public policy analysts. About 70 percent of its professional staff hold advanced degrees in either economics or public policy.

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Today, you are likely to spend a great deal of time at the confiscated property police auction trying to buy either storage boxes for your family photos or a large, stuffed giraffe. Be on the lookout for strangers with large satchels of used undergarments.
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Two and a half gallons of oil are needed to produce one automobile tire.
"I think luck is the sense to recognize an opportunity and the ability to take advantage of it . The man who can smile at his breaks and grabs his chance gets on."

-- Samuel Goldwyn, Film executive

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