Chapter 12 And 14 Flashcards
Right vs privilege
Right - something garenteed
Privilege-something a person gets that can be taken by gov
Political ideology
A set of beliefs about desired goals and outcome of governance
Party identification
Individuals attachment to a political party
What’s conservatism
Ideology about more control over social behavior or less over economics
Libertarianism?
Favoring little government regulation and intervention beyond protecting private property
Liberalism
Favoring less gov control over social behavior and more over economics
Give different viewpoints of Democrats.
-liberaty of privacy
-pro choice
-favor tax increase
-order in gun regulation
Give different viewpoints of republicans
-liberty in market place
-order immigration
-pro life
- favor tax cuts for businesses
laissez-faire economic policy?
Gov intruded and little as possible in economic transactions between businesses and citizens
command-and-control economy?
Gov dictates much of nations economic activity
Mixed economy
system that blends elements of both free-market capitalism and government intervention
What is Gross Domestic Product?
Total value of goods and services produced by an economy
Unemployment rate
% of people actively looking for a job who can’t find them
Inflation
Rise is price of goods and services
What is Keynesian economic theory?
Boom- spending more money
Bust- cutting back on spending
supply-side theory?
Lower taxes on individuals businesses and tends to boost supply
What is fiscal policy?
Gov use of taxes and spending to attempt to lower unemployment rate
What do Republicans generally support regarding the economy?
-budget increase in military spending
-bush tax cuts
What do Democrats generally support regarding the economy?
Higher gov spending on programs to target inequity in Obama fiscal policy
Monetary Policy?
Set of Economic policy tools designed to regulate the amount of money in economy
What can too large of the money supply lead to?
Inflation
What is the Federal Reserve System?
A board of governers, federal reserve banks, and member banks responsible for monetary policy
Medicare and Medicaid?
Medicare- for old and disabled people
Medicaid- for lower income people
Great Society?
Programs created by social insurance programs amending social security policy