ABE Social Studies: Economics

Today in Reading/Social Studies/Science class we learned about economics and government. The following video is an excellent overview of economic principles:



We went on to explore the relationships between governments, policy, and economics.

Vocabulary

Revenue -- income (primarily made up of tax dollars for governments)
Expenditures -- spending
Fiscal policy -- taxing/spending laws
Subsidy -- government spending to encourage a certain trade
Tariff -- tax on imports
Gross Domestic Product -- dollar value of all goods and services produced during a year
Inflation -- rise of prices over time
Deflation -- drop in prices over time

Also...

Remember that you can access both the US federal budget and TN state budget (or any other state budget) to check out how your tax dollars are being spent for yourself! Get involved in civics today!