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Flashcards in Economics Deck (42):
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

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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

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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

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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

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Keynesianism

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

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Economy planning

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

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Supply-side theory

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

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Reagonomics

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

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Monetary policy

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

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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

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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

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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

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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

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Temporary assistance for needy families

Payments to needy families with children. Replaced the old AFDC program. Partially paid for by the block grants for the federal government and the states. Means test

32

Supplemental security income

Cash payments to H blind or disabled people whose income is below a certain amount. Paid for from general federal revenues. Means test

33

Food stamps

Doctors given to people whose income is below a certain level that can be used to buy food at grocery stores. Paid for out of general federal revenues. Means test

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Medicaid

Pays medical expenses of persons receiving T ANF or SSI payments. Means test

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Earned income tax credit

Pays a cash subsidy or tax credit to poor working families. Means test

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Insurance program

A self financing government program based on contributions that provide benefits to unemployed or retired persons

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Assisted program

A government program financed by general income taxes that provides benefits to poor citizens without requiring contribution from them

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Means test

And income qualification program that determines whether one is eligible for benefits under government programs reserved for lower income groups

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Earned income tax credit

The provision of a 1975 law that entitles working families with children to receive money from the government if their total income is below a certain level. The program was expanded in the early 1990s

40

Service strategy

A policy providing poor people with the education and job training to help lift them out of poverty

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Income strategy

A policy giving poor people money to help them lift out of poverty

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Political agenda

Issues that people believe require governmental action