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Federal Budget
An annual financial statement presenting the government's proposed revenues and spending for the upcoming fiscal year.
Automatic Stabilizers
Economic policies and programs designed to offset fluctuations in a nation's economic activity without additional government intervention.
Recession
A noticeable drop in economic activity that affects the entire economy, enduring beyond several months, usually evidenced in real GDP, real income, employment, industrial production, and wholesale-retail sales.
Transfer Payments
Payments made by the government to individuals, without the government receiving any goods or services in return.
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