chapter 12 test Flashcards
What is Libertarianism
-an ideology favoring very little government regulation beyond protecting private property and individual liberty
What is liberalism
-an ideology favoring less government control over social behavior and more greater regulation of businesses and economy
what is conservatism
-ideology favoring more control of social behavior , fewer regulations of businesses and less government interference in the economy
what is party identification
-an individuals attachment to a political party
what is a political ideology
-a set of beliefs about the desired goals and outcomes of a process of governance
What are some viewpoints of democrats
-liberty of privacy
-order in gun regulation
-protect liberties of the accused
-pro-choice
-higher taxes for businesses and wealthy
what is the difference between a right and a privledge
-a right is something guaranteed that the gov cannot take away
-a privilege is something someone can receive that CAN be taken away by the gov
what are some viewpoints of republicans?
-liberty in the marketplace
-order in immigration
-stronger punishment for offenders
-pro-life
- tax cuts for businesses
what is laissez-faire economic policy?
-economic policy where the government has very little involvement
What is a command-and-control economy?
-economic policy where the government dictates much of the nations economic activity
what is a mixed economy
-economic policy where it is mixed control between individuals(businesses) and government control of the economy
what is Gross Domestic Product?
-the total value of goods and services produced by an economy
What is the unemployment rate?
-the percentage of people actively looking for work who cannot find jobs
What is inflation
-the rise in the prices of goods and services
What is Keynesian economic theory
-liberal economic policy, beliefs to boost economy by increase government spending
What is supply-side theory
-conservative economic policy belief to lower taxes on individuals and buisnesses
What is fiscal policy
-governemnt use of taxes and spending to attempt to lower unemployment , support economic growth and stabilize the economy
What do republicans generally support regarding the economy
-tend to support budgets with higher military spending, but otherwise, lower government spending and lower taxes
What do democrats generally support regarding the economy
-budget increasing spending on programs meant to target inequity
-increase taxes on wealthy
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What is Monetary policy?
- actions by the Federal reserve using interest rates and money supply to effect the economy
What can too large of the money supply lead to?
-that can lead to inflation
What is the Federal Reserve System?
-the part of our federal bureaucracy that controls our monetary policy
What is the difference between Medicare and Medicaid?
Medicare is health insurance for the elderly and disabled
Medicaid is a federal program that provides healthcare for the poor
WHat is the Great Society
-social insurance programs created by Lyndon Johnson