UNIT 4 Flashcards
Equality of opportunity
all people are given an equal chance to compete
Individualism
The principle of being independent and self reliant, and have the ability to shape their life through choices they make
Free enterprise
the market determines the prices products, and services
Rule of law
every person, even those in power, must follow and is accountable to the same laws that govern all
Political Socialization
The process individuals develop political beliefs, values, opinions, and behaviors, family is the most prominent one
Political ideology
The way a person resonates with a certain political party with their ideals
Liberal ideology
Generally want Large government lots of involvement, wants help to those that are less fortunate
Conservative ideology
DIY ideology, small government, and want little to no government interference
Democrat
Liberal ideologies
Republican
conservative ideologies
Libertarian
uhhhh
Keynesian Economics
government can use monetary fiscal policies to stabilize the economy and prevent recessions
Supply side economics
believes that increases in the supply side of goods lead to economic growth
Monetary policy
regulating the money supply, controlling inflation, adjusting the interest rates to promote maximum employment, stable prices
Fiscal Policy
Using gov spending and taxation to promote economic growth and stability
