ch 12 ap gov

Political ideology

A set of beliefs about the proper role of government.

Party ideology

The beliefs and principles associated with a political party.

Party identification

A person's psychological attachment to a political party.

Conservatism

Generally supports less government involvement in the economy, fewer business regulations, and more government control over certain social behaviors.

Liberalism

Generally supports more government involvement in the economy and less government control over personal and social behavior.

Libertarianism

Believes government should have very limited involvement, mainly protecting individual liberty and private property.

Laissez-faire

An economic approach favoring minimal government interference in the free market.

Free market economy

An economy where individuals and businesses make most economic decisions.

Command-and-control economy

An economy where the government directs major economic decisions.

Mixed economy

Combines private economic activity with government regulation and involvement.

Keynesianism

Economic theory that supports government spending to increase demand and stimulate the economy during downturns.

Supply-side economics

Theory that lowering taxes on individuals and businesses encourages production and economic growth.

Reaganomics

Economic policies associated with Ronald Reagan, particularly tax cuts and supply-side economics.

Trickle-down economics

Criticism that benefits from tax cuts for businesses and wealthy individuals may not reach lower-income people.

Adam Smith

Economist associated with the idea of the free market and limited government interference.

Fiscal policy

Government use of taxation and spending to influence the economy.

New Deal

Franklin D. Roosevelt's programs responding to the Great Depression; associated with government intervention in the economy.

Great Society

Lyndon B. Johnson's domestic programs intended to address poverty and other social problems.

Obama Recovery Act

Economic stimulus legislation associated with Keynesian-style government spending.

Medicare

Federal health insurance program for seniors and certain people with disabilities.

Medicaid

Healthcare program for low-income individuals, administered jointly by federal and state governments.

Affordable Care Act (ACA)

2010 healthcare law signed by Barack Obama that expanded access to health insurance.

School vouchers

Government-funded vouchers that help families pay for private or religious schools.

GDP (Gross Domestic Product)

Total value of goods and services produced by an economy.

Recession

A period of economic decline; your notes define it as two consecutive quarters of negative GDP growth.

Unemployment rate

Percentage of the labor force that is unemployed and looking for work.

Inflation

A general increase in prices over time.

CPI (Consumer Price Index)

Measures changes in the prices of a fixed basket of goods and services over time.