Chapter 15 Vocab

Affordable Care Act (ACA)

A 2010 law aimed at providing healthcare coverage to nearly all Americans, including those in poverty

Agenda setting

The process of determining the issues to be addressed by the government

Board of Governors

A seven-member board in the Federal Reserve system responsible for economic decisions like interest rates and money supply

Budget deficit

Occurs when government expenditures exceed revenues

Charter school

Semi-public schools with open admission and government support, sometimes supplemented by private donations

Common core

Multi-state standards for student achievement up to high school level

Department of Health and Human Services

Cabinet department overseeing federal social welfare and health policies

Depression

Severe and prolonged economic decline with reduced investment, production, and increased unemployment

Discount rate

Interest rate at which the Federal Reserve lends money to member banks

Distributive policies

Public policies providing benefits to individuals, groups, or communities

Entitlement programs

Government benefits for eligible citizens based on criteria like age, income, or unemployment

Federal Reserve System

U.S. organization managing money supply, prices, interest rates, and unemployment

Fiscal policy

Government's use of taxing and spending to maintain economic stability

Governmental (institutional) agenda

Issues requiring serious attention from public officials

Gross domestic product (GDP)

Total value of goods and services produced in a country in a year

Inflation

General rise in price levels of goods and services in an economy

Keynesian economics

Economic approach advocating government spending to stimulate growth

Laissez-faire

Economic philosophy favoring minimal government intervention

Means-tested programs

Programs requiring beneficiaries to have incomes below specified levels

Medicaid

Government program subsidizing medical care for the poor

Medicare

Federal program providing medical care to elderly Social Security recipients

Monetary policy

Government regulation controlling money supply and interest rates

National debt

Total amount owed by the federal government to creditors

No Child Left Behind Act (NCLB)

Education reform bill focusing on high standards and measurable goals

Non-means-tested programs

Programs providing assistance regardless of income

Open market operations

Buying and selling government securities by the Federal Reserve Bank

Policy adoption

Approval of a policy proposal by authorized individuals

Policy evaluation

Process of assessing if a policy is achieving its goals

Policy formulation

Crafting proposed solutions to public problems

Policy implementation

Process of executing public policy

Public policy

Government's intentional action or inaction on a matter of concern

Recession

Economic decline with reduced investment, production, and increased unemployment

Redistributive policies

Policies transferring resources from one group to another

Regulatory policies

Policies limiting activities or prohibiting certain behaviors

Reserve requirements

Government mandates on banks to retain a portion of deposits for loans

Social Security Act

1935 law establishing old age insurance, assistance for the needy, and unemployment insurance

Systemic agenda

Set of issues requiring governmental action

Vouchers

Government-issued certificates for private or public school costs