Chapter 12 AP gov vocab

Political Ideology

An individual’s coherent set of beliefs about government and politics.

Right

Something guaranteed, that the government cannot take away.

Privilege

Something a person can obtain or receive, but that the government can take away.

Party Ideology

Party’s philosophy about the proper role of government and its set of positions on major issues.

Party Identification

An individual's attachment to a political party.

Conservatism

Ideology favoring more control of social behavior, fewer regulations on businesses, and less government interference in the economy (shift back to Laissez Faire).

Liberalism

Ideology favoring less government control over social behavior and more regulation of business/economy.

Libertarianism

Ideology favoring very little government regulation and intervention beyond protecting private property and individual liberty.

Laissez-Faire Economy

An economic system in which the government intrudes as little as possible in the economic transactions among citizens and businesses.

Command-and-Control Economy

Economic policy in which government dictates much of a nation’s economic activity, including the amount of production and price of goods.

Mixed Economy

Economic policy in which many economic decisions are left to individuals and businesses, with the government regulating economic activity.

Gross Domestic Product (GDP)

Total value of goods/services produced by an economy.

Economic Recession

Period of decline in economic activity, typically defined by 2 consecutive quarters of negative GDP growth.

Unemployment Rate

% of people actively looking for work who cannot find jobs.

Inflation

Rise in good/service prices.

Consumer Price Index

Cost of a fixed basket of goods and services over time, used to measure cost of living.

Fiscal Policy

Government use of taxes and spending to attempt to lower unemployment, support economic growth, and stabilize the economy.

Federal Reserve System

Board of governors, Federal Reserve Banks, and member banks responsible for monetary policy.

Monetary Policy

Set of economic policy tools designed to regulate the amount of money in the economy.

Medicare

Federal program that provides health insurance to seniors and the disabled.

Medicaid

Federal program that provides healthcare for the poor.