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REAL GROSS DOMESTIC PRODUCT: The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year. The key is that real gross domestic product is measured in constant prices, the prices for a specific base year. Real gross domestic product, also termed constant gross domestic product, adjusts gross domestic product for inflation. You might want to compare real gross domestic product with the related term nominal gross domestic product.
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AUTOMATIC STABILIZERS: A feature of the federal government's budget that tends to reduce the ups and downs of the business cycle without the need for any special legislative action, that is stabilization policies. The two key automatic stabilizers are income taxes and transfer payments. When our economy drops into a recession, unemployment rises, aggregate output declines, and people have less income. But with less income, they pay fewer income taxes, and thus there's less of a drain on consumption than their might have been. Likewise, many who are unemployed get transfer payments in the form of unemployment compensation, welfare, or Social Security. This lets them consume more than they would have otherwise. During an expansion, both of these go in the other direction. As a result, a recession sees more spending and fewer taxes, while an expansion has less spending and more taxes, all occurring quite automatically. See also | business cycle | stabilization policies | fiscal policy | transfer payment | unemployment compensation | welfare | income tax | business cycle | contraction | expansion | consumption | income | aggregate output |
Recommended Citation:AUTOMATIC STABILIZERS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 24, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: automatic stabilizers
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INTERNAL REVENUE SERVICE A branch of the Department of Treasury that is responsible for collecting federal income taxes and administering the Internal Revenue Code. The Internal Revenue Service (IRS) is the office of the U.S. government that collects the tax revenue needed to purchase goods, pay administrative expenses, and finance assorted government functions. The IRS was established during the Civil War in 1862, but underwent a major overhaul in 1913 when the 16th amendment to the U.S. Constitution gave it the power to collect income taxes.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday gift for your father that doesn't look like every other birthday gift for your father or a green fountain pen. Be on the lookout for vindictive digital clocks with revenge on their minds.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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SDR
Special Drawing Right
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