Unit 4 Vocabulary AP Gov

Federal Reserve

an independent agency which seeks to achieve maximum

employment and price stability

Monetary Policy

consists of actions taken by the Federal Reserve (the Fed)

to influence interest rates which affect broader economic conditions

Supply-side Theory

a macroeconomic theory focused on increasing

aggregate supply ; fostered by lowering taxes, deregulation, and free trade

Keynesian theory

a macroeconomic theory based on how aggregate

demand influences economic output and inflation ; effects of aggregative

demand on markets can be mitigated by fiscal and monetary policies to

stabilize the economy

Fiscal policy

consists of actions taken by Congress and the president to

influence economic conditions and includes Keynesian and supply-side

positions

Libertarianism

favor little or no regulation of the marketplace beyond the

protection of property rights and voluntary trade ; generally favor little national

or state government involvement except when national or state government is

protecting private property or individual liberty

Conservatism

favor fewer regulations in the marketplace ; generally favor

less national government involvement to address some social issues such as

education and public health, with more responsibility for these issues left to

state governments

Republican Party

a major political party that generally aligns more closely

to conservative ideological positions ; R or GOP

Liberalism

favor more governmental regulation of the marketplace ;

generally favor more national government involvement to address some

social issues such as education and public health, with less responsibility for

these issues left to state governments

Democratic Party

a major political party that generally aligns more closely

to liberal ideological positions ; D or DEM

Public Opinion

collective opinion on a topic or issue or voting intention

relevant to society

Polling Methodology

more precise when it includes:

i. Accurate sampling methods, including calculating a margin of error

ii. Neutral framing of questions (specific and unbiased wording of

questions)

iii. Accurate reporting (clear reporting and conclusions that can be

supported by the data)

Exit Poll

collecting data on why people voted the way they did

Tracking Poll

following how views of a candidate change during a

campaign

Benchmark Poll

creating baseline views of a candidate

Opinion Poll

measuring public opinion on various issues

Scientific Poll

a human research survey of public opinion using statistical

information to randomly select representative respondents and obtain timely

results through unbiased questioning

Life Cycle Effects

experiences a person encounters during different life

stages

Generational Effects

experiences shared by people of a common age

Political Ideology

a set of political ideas and beliefs on how society should

function in achieving and prioritizing goals and methods ; influenced by

generational effects and life cycle effects, political events, political

socialization

Globalization

process of interaction and integration among people,

companies, and governments worldwide ; U.S. political culture has both

influenced and been influenced by the values of other countries

United States Political Culture

its democratic ideals, principles, and core

values

Political Socialization

the process by which individuals develop political

beliefs, values, opinions, and behaviors ; family, schools, peers, media, and

social environments (including civic and religious organizations) contribute to

the development of an individual’s political attitudes and values

Rule of Law

every person, even those in power, must follow and is

accountable to the same laws that govern all

Free Enterprise

the market determines prices, products, and services

Equal Opportunity

all people are given an equal chance to compete

Individualism

each person has the ability to shape their life and destiny

through the choices they make

Core Values

include individualism, equal opportunity, free enterprise, and

rule of law