AP GOV POLITICAL IDEOLOGIES

Civic Duty

The belief that one has a responsibility to be involved in political affairs, such as voting.

Political Efficacy

A belief that one’s voice can affect government policies.

Free Enterprise

An economic system that is based upon private ownership, individual initiative, profit, and competition.

Political Socialization

Process by which political views and values are passed on to younger generations.

Keynesian Economics

The belief that the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation.

Supply-Side Economics

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

Fiscal Policy

Managing the economy by the use of tax and spending laws.

Monetary Policy

Managing the economy by adjusting the supply of money and interest rates; responsibility of the Federal Reserve.

Federal Reserve

This regulatory commission is the central banking system of the United States.

Budget Deficit

The annual shortfall between what the government has spent in one year’s time and what they have collected in taxes.

Entitlements

Programs individuals are eligible for when they meet certain pre-established eligibility requirements.