Key Political Ideologies and Concepts

Political Culture

Widely shared political beliefs and values held by citizens of a society. For example: individual liberty.

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.

Individualism

The idea that each person has significance, worth, and rights that exist independently from the government.

Equality of Opportunity

The principle that each person is guaranteed the same chance to succeed.

Limited Government

The government is restrained in their lawful use of power and may only exercise those powers assigned to it in the Constitution.

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.

Public Opinion

Citizens' attitudes about societal and political issues, leaders, and events.

Poll

A survey of public opinion.

Random Sample

Method of selecting individuals from a population in which each person has an equal probability of being selected.

Sampling Error

The margin of inaccuracy that results from polling a random sample as opposed to the entire population.

Exit Polls

Polls based on interviews conducted on Election Day with randomly selected voters.

Political Ideology

A set of beliefs about the role of government and public policy.

Liberal

Ideological view that favors greater government involvement regarding the economy, social welfare, and equality; and a progressive view regarding social values.

Conservative

Ideological view that favors limited government involvement, fewer economic regulations, and traditional social values.

Libertarian

Ideological view that favors limited government involvement in all areas, from economic regulations to social values.

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.

Mandatory Spending

Spending that has been written into law that the government must pay out each year.

Discretionary Spending

Spending not required to pay for interest on the national debt or entitlement programs; can be adjusted from year to year.

Budget Deficit

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

National debt

The total amount the U.S. government owes from the foundation of the country to the present.

Surplus

An excess in revenue after all expenses have been paid in a fiscal year.

Entitlements

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