Balancing the Federal Budget When, if ever, should the nation prioritize balancing the federal budget?

Slides:

Advertisements

Similar presentations

The Federal Government’s Budget. The government ’ s fiscal year runs from April 1 to March 31. The upcoming budget will estimate revenues and expenditures.

Advertisements

My Personal Budget Vocabulary

DEFICITS AND DEBT DEFINITIONS DEFICIT – ANNUAL AMOUNT THAT GOVERNMENT BORROWS (SIMILAR TO WHAT PUT ON CREDIT CARD IN A YEAR) DEBT – TOTAL AMOUNT OF BORROWING.

Deficits and Debt. The Budget Process Taxes, especially personal income taxes, provide most of the federal government’s revenue.  The federal budget.

Chapter 15 introducing Deficits and Debt. Chapter Goals  Define the terms deficit, surplus, and debt and distinguish between a cyclical deficit and a.

Do Now: What is a budget?.  Budget  President  Congress  Revenues (taxes)  Expenditures (spending/appropriations)  Categories of spending (Big 3)

Part B: The Federal Government’s Budget. The Federal Government ’ s Budget The government ’ s fiscal year runs from April 1 to March 31. The upcoming.

National Deficit & Debt. Basic Definitions A budget deficit occurs when an entity (often a government) plans to spend more money than it takes in. The.

Unit 8 - Federal Budget Policies n The Federal Budget Deficit or Surplus is the yearly difference between federal government expenditures and revenues.

Government Spending, Pt. 2. What are the three top expenditures of the federal gov’t? Social Security (#2) Medicare (#3) National Defense (#1)

The Basics of Budgeting. What is a Budget? A budget is a plan for money – a breakdown of expected income and expenses for a specific period. It helps.

ECONOMICS Understanding Economics. What is Economics Economics is the social science that studies economic activity to gain an understanding of the processes.

Welcome to Economics!  Turn your homework into the box  Grab your notebook  Find a seat where you are free from distractions and be seated when the.

Fiscal Policy Fiscal Policy – government policy toward taxing & spending. Federal Budget Prepared annually by the President Approved by Congress Budget.

National Debt v. Budget Deficit. Government Spending Vocab terms related to National Debt & Budget Deficit Revenue = money collected by the government.

The National Debt Mr. Seely Economics. Balancing the Budget Balanced Budget- a budget in which total revenues are equal to total spending. Budget Surplus-

SS.912.E.2.9 Analyze how changes in federal spending and taxation affect budget deficits and surpluses and the national debt Standard 2 Understand the.

Objectives Discuss investment activities that promote economic growth Explain borrowing activities by government. Businesses and consumers Describe future.

Economic Decision Making: Opportunity Cost Understand and explain opportunity cost Analyze real-world opportunity costs.

Economics Supply and Demand Agenda If not done: Collect Gov. handout Econ Books If not done: Collect Gov. handout Econ Books Homework: Read pages 26-47,

LA Comprehensive Curriculum Free Enterprise Guiding Questions.

Copyright © 2011 Pearson Education, Inc. Managing Your Money.

Creating a Budget Chapter 14. Budget Process Deficit v. Surplus Deficit occurs when expenditures exceed revenues in a year – $1.3 trillion in 2010 Surplus.

Budget Plan for managing and spending money. Plan for managing and spending money. Governments create budgets to help them make decisions because of limited.

Today’s Schedule – 11/22 Budget Deficits and National Debt Economic Cartoon HW – Read 16.2: Federal Reserve – Study for Ch. 14/15 Quiz.

1. What is the national debt? 2. What caused the national debt? 3. Where does the government get the money when it wants to spend more than it takes in?

Part B: Ontario’s Budget. The Ontario Budget The Ontario Government’s fiscal year runs from April 1 to March 31. The upcoming provincial budget will project.

Government Debt vs. Deficit

The Federal Government! By: Connor Grose & Robert Taylor Period 1.

Budget- a plan for managing and spending money. A budget has two parts revenues and expenditures. A budget has two parts revenues and expenditures. Revenue.

Macroeconomics Unit Chapter 14  BUDGET DEFICIT: when expenditures exceed revenue Expenditure: an amount of money spent Revenue: income EOC study guide.

Part A: The Basics of Budgeting. What is a Budget? A budget is a plan for money - an estimate of expected revenues and expenses for a specific period.

Spending Chapter 4. Consumer Spending Questions: Based on the pie chart from slide 2, what percentage of consumer spending is made up of housing-related.

Chapter 3 Key Terms. Gross Domestic Product (GDP) The total value of the goods and services produced in a country in a given year.

Personal Budgets. A personal budget… is a plan for raising and spending your own money. tells you exactly where your money goes. helps your expenses meet.

Part A: Budgeting. What is a Budget? A budget is a plan for money, estimate of expected revenues and expenses for the future. Helps to determine if you.

Debt The National Debt is the total amount of money we owe to countries and people we have borrowed from – How do we borrow? – Treasury Bonds.

Divide page 6 into a 4 square

What is a Budget?. A budget is…. A plan for how you will use your money. A prediction of how much money you will have. A blueprint for you can spend your.

Macroeconomics Unit Chapter 14  BUDGET DEFICIT:  when expenditures exceed revenue Expenditure: an amount of money spent Revenue: income EOC study guide.

ECONOMICS Understanding Economics. Do Now – Copy Definitions from underlined words Economics is the social science that studies economic activity to gain.

Fiscal Policy Activities 30b by Advanced Placement Economics Teacher Resource Manual. National Council on Economic Education, New York, N.Y.

What would you buy if you had… $1 million? $1 billion? $17 trillion?

Fiscal Policy and the Federal Budget How is the federal budget developed?

7 th Grade Civics Miss Smith *pgs  Each level of government has a department responsible for collecting taxes  Ex: Internal Revenue Service.

Canadian Economy 2203 Unit 1. What do you need to know? Define economics. Define economics. Describe what economists do and career options Describe what.

BORROWING MONEY AND PUBLIC DEBT. HOW DOES THE GOVERNMENT BORROW MONEY?  Article 1, Section 8, Clause 2 gives congress the power to “borrow money on the.

The Federal Budget A detailed estimate of revenue and spending – Revenue – Money that comes in to the government – Spending (Expenditures) – Money that.

Fiscal Policy Chapter 15 Section 3 Budget Deficits and the National Debt.

Government Finances: Fiscal Policy, Taxing and Spending Fiscal Policy Government Budget Federal Government Revenue Federal Government Expenditures State.

7 th Grade Civics Miss Smith *pgs  Each level of _________ has a __________ responsible for collecting _____  Ex: Internal Revenue Service.

Revenue Scarcity -Revenue is limited, so government must make choices about spending -setting priorities -Political Party goals.

Let’s look at BUDGET DEFICIT….

Managing the Country’s Money

Applying the Principles

ECONOMICS: November 6 Economics Learning Targets #1

Terminology (Budget) Deficit – spending more money in a year than is taken in (National) Debt – the accumulation of yearly deficits plus interest (Budget)

ECONOMICS: April 9 Warm-up See, Think, Wonder (see attached slide) -answer on notebook paper warm-ups (complete sentences) Begin Ch. 14, Lesson 2.

Slide Deck 15A: Budget Basics

State and Local Taxes and Spending

[ 9.3 ] The National Debt and Deficits

Slide Deck D: 2018 Federal Budget Breakdown

Political Cartoon Analysis

ECONOMICS: November 5 Learning Target #1

Slide Deck D: 2017 Federal Budget Projections

PowerPoint D: 2016 Federal Budget Projections

$25,000 Pyramid Game.

ECONOMICS: April 12 Warm-up

Federal Budget.

ECONOMICS: April 11 Warm-up See, Think, Wonder (see attached slide) -answer on notebook paper warm-ups (complete sentences) Begin Ch. 14, Lesson 2.

Presentation transcript:

Balancing the Federal Budget When, if ever, should the nation prioritize balancing the federal budget?

Political Cartoon “Budget Crunch” Analyze the political cartoon on the next slide to determine the message Describe what you see in the cartoon Explain what you think the cartoon means

Federal Budget Basics Revenue- amount of money taken in each year Expenditures- amount of money spent Budget is balanced when revenue = expenditures Surplus- takes in more money than it spends Deficit- spends more than it takes in Debt- accumulated deficit Scarcity- limit on resources Opportunity Cost- the cost of a missed chance to get the second-best alternative, the 2nd choice

Background on the debt Read the handout in the CWP shared folder titled “Background on the debt” Fill out the chart

Budget Hero Work individually or with a partner to play the game Budget Hero /budget-hero /budget-hero You do not need to enter in any of the personal information, just click on PLAY Explain how you did