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Flashcards in Economics Deck (42)
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1

Cost

A burden that people believe they must bear if a policy is enacted

2

Benefit

A satisfaction that people believe they will enjoy a policy adopted

3

Majoritarian politics

Policy in which almost everybody benefits and almost everybody pays

4

Interest group politics

A policy in which one small group benefits and another small group pays

5

Client politics

It policy in which one small group benefits and almost everybody pays

6

Porkbarrel legislation

Legislation that gives tangible benefits to constituents in several districts or states in the hopes of winning their votes in return

7

Logrolling

A legislator supports a proposal favored by another in return for support of his or hers

8

Entrepreneurial politics

A policy in which almost everybody benefits and a small group pays the cost

9

Policy entrepreneurs

Activists in or out of government to pull together a political

10

Processed regulation

Rules governing commercial activities designed to improve consumer worker or environmental conditions also called social regulation

11

Deficit

What occurs when the government in one year spends more money than it takes in from taxes

12

National debt

The total deficit from the first presidency down to the president

13

Gross domestic product

The total of all goods and services produced in the economy during a given year

14

Monetarism

The belief that inflation occurs when to much money is chasing too few goods

15

Keynesianism

Theory that in the short run and especially during recessions, economic output is strongly influenced by aggregate demand

16

Economy planning

The belief that government plan such as wage and price controls or the direction of investment can improve the economy

17

Supply-side theory

The belief that lower taxes and fewer regulations will stimulate the economy

18

Reagonomics

The belief that a combination of monetarism low federal spending and supply side economics will stimulate economy

19

Monetary policy

Managing the economy by altering the supply of money and interest rates

20

Fiscal policy

Managing the economy by the use of tax and spending laws

21

Budget

A document that states tax collections spending levels and the allocation of spending among purposes

22

Fiscal year

For the federal government October 1 to the following September 30

23

Budget resolution

I congressional decision that states the maximum amount of money the government should spend

24

Entitlements

A claim for government funds that cannot be changed without violating the rights of the claimant

25

Sequester

Automatic spending cuts

26

Charitable choice

Name given to the four federal laws passed in the late 1990s specifying the conditions under which nonprofit religious organizations could complete minister certain social service delivery and welfare programs

27

What are the major social welfare programs

Old age survivors and disability insurance
Medicare
Assistance or non-contributory programs unemployment insurance
Temporary assistance for needy families
Supplemental security income
Food stamps
Medicaid
Earned income tax credit

28

What is old age survivors and disability insurance

The payments to retired or disabled people and to surviving members of their families. This program popularly called Social Security is paid for by a payroll tax on employers and employees. No means test

29

Medicare

Federal government pays for part of the cost of medical care for retired or disabled people covered by Social Security. Paid for by payroll taxes on employees and employers. No means test

30

Assistance or noncontributory programs unemployment insurance

Weekly payments to workers who have been laid off and cannot find work. Benefits and requirements determined by states paid for by taxes on employers