Unit 4 Flashcards

free enterprise (laissez-faire)

free enterprise (laissez-faire)

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

generational effect

a long-lasting effect of the events of a particular time on the political opinions of those who came of political age at that time

individualism

giving priority to one's own goals over group goals and defining one's identity in terms of personal attributes rather than group identifications

life-cycle effect

the impact of a person's age and stage in life on his or her political views

political socialization

the process by which people gain their political attitudes and opinions

public opinion

The sum (or aggregation) of individual attitudes about government, policies, and issues

globalization

The interconnectedness of people, businesses, and countries around the world

rule of law

principle that the law applies to everyone, even those who govern

outsourcing

A decision by a corporation to turn over much of the responsibility for production to independent suppliers.

focus group

A small group of individuals assembled for a conversation about specific issues, usually by a moderator

random selection

Appropriate subjects of the poll have an equal chance of being selected.

representative sample

A sample that mirrors the demographics of a the total population, must achieve a statistically significant threshold

sampling error

The margin of error in a poll. In a mass survey, this is typically plus or minus three percentage points. Anything within that margin is a “toss-up”

exit poll

A poll conducted of people exiting an event; in politics, exit polls are conducted after citizens vote.

benchmark poll

A survey taken at the beginning of a political campaign in order to measure support for a candidate and determine which issues are important to voters.

tracking poll

A survey to determine the level of support for a candidate or an issue over the course of a campaign. This is also sometimes referred to as “horse-race” polling.

party ideology

A party's philosophy about the proper role of government and its set of positions on major issues.

conservatism

An ideology supporting more control of social behavior (religious moral values) and less government interference in the economy. Associated with the Republican Party.

liberalism

An ideology supporting less government control over social behavior (although the far left regulates certain speech) and greater regulation of businesses and the economy to produce fair outcomes. Associated with the Democratic Party.

libertarianism

An ideology favoring very little government regulation and intervention 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 price for goods

mixed economy

an economic system combining private and public enterprise.

Gross domestic product (GDP)

A measurement of the total goods and services produced within a country.

Recession (economic)

an extended period of decline in general business activity

inflation

A general and progressive increase in prices

Consumer price index (CPI)

Measures the cost of living by following the prices of goods over time. This is tracked by the Bureau of Labor Statistics

Keynesianism

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

supply-side economic theory

Lowering taxes on individuals and businesses will encourage investment and increased supply, therefore lowering prices.

(AKA “Trickle-down economics” or “Reaganomics” named after President Reagan’s economic policies of the ‘80s.)

Federal Reserve System

The country's central banking system, which is responsible for the nation's monetary policy by regulating the supply of money and interest rates

monetary policy

Regulating the amount of money in the economy.

Medicare

A federal program of health insurance for persons 65 years of age and older

Affordable Care Act (ACA)

Passed by Obama in 2010. Overhauled American healthcare system by requiring individuals to have healthcare coverage. If they did not, they would pay a fine on their taxes.

Medicaid

A federal program that provides healthcare for those with low income or limited resources.