AP GOV Unit 4 Vocab

American political culture

a dominant set of beliefs defined by democratic ideals, principles, and core values.

Individualism

the belief that people have the ability to shape their lives and destinies through the choices they make.

Equality of opportunity

the core American value that everyone should have an equal chance to compete.

Free enterprise

an economic system in which the market determines the prices and availability of products and services, and the government intrudes as little as possible in the economic transactions among citizens and businesses.

Rule of law

the principle that no one is above the law and that every person, even those in power, is accountable and must follow the laws that govern society.

Political socialization

the process by which individuals develop their political beliefs, values, opinions, and behaviors.

Political ideology

an individual’s coherent set of beliefs about government, politics, and policymaking.

Generational effect

the impact of experiences shared by people of a similar age on their political ideology.

Life cycle effect

the impact of a person’s age and stage in life on their political views.

Globalization

the increasing interconnectedness of people, businesses, and countries throughout the world.

Party ideology

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

Party identification

an individual’s attachment to a political party.

conservatism

an ideology favoring more control of social behavior, fewer regulations on businesses, and less government interference in the economy.

liberalism

an ideology favoring less government control over social behavior and more regulation of businesses and of the economy.

libertarianism

an ideology favoring very little government regulation and minimal control over social behavior beyond protecting private property and individual liberty.

command-and -control economy

economic policy in which government dictates much of a nation’s economic activity, including the amount of production and the prices 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

the total value of goods and services produced by an economy.

economic recession

a period of decline in economic activity, typically defined by two consecutive quarters of negative GDP growth.

unemployment rate

the percentage of people who are actively looking for work but cannot find jobs.

inflation

the rise in the prices of goods and services.

consumer price index

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

fiscal policy

government use of taxes and spending to attempt to lower unemployment, increase economic activity, and stabilize the economy.

federal reserve system

a board of governors, Federal Reserve Banks, and member banks responsible for U.S. monetary policy.

monetary policy

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

medicare

a federal program that provides health insurance to seniors and disabled people.

medicaid

a federal program that provides health care for low-income Americans.