ap gov chapter 12 key terms - POLITICAL IDEOLOGY

political ideology

set of beliefs about the desired goals + outcomes of a process of governance

right

something guaranteed + the gov cannot take away

privilege

something a person may obtain or receive, but the gov can take away

party ideology

a party's philosophy about the proper role of gov + its set of positions on major issues

party identification

an individual's attachment to a political party

conservatism

an ideology favoring more control of social behavior, fewer regulation on businesses, + less government interference in the economy

liberalism

an ideology less government control over social behavior + more regulation of business + of the economy

libertarianism

an ideology favoring very little government regulation + intervention beyond protecting private property + individual liberty

laissez-faire economy

economic policy in which governments intrude as little as possible in the economic transactions between citizens + businesses

command-and-control economy

economic policy in which gov dictates much of a nation's economic activity, including the amount of production + prices for goods

mixed economy

economic policy in which many economic decisions are left to individuals + businesses with the gov regulating economic activity

gross domestic product (GDP)

the total value of goods + services produced by an economy

economic recession

a period of decline in economic activity, typically defined by two consecutive quarters of negative GDP growth

unemployment rate

the percentage of people actively looking for work who cannot find jobs

inflation

the rise in the prices of goods + services

consumer price index (CPI)

the cost of a fixed basket of goods + services over time, used to measure the cost of living

fiscal policy

gov use of taxing + spending to attempt to lower unemployment, support economic growth, + stabilized the economy

Federal Reserve System

a board of governors, Federal Reserve Banks, + member banks responsible for monetary policy

monetary policy

a set of economic policy tools designed to regulate the amount of money in the economy

Medicare

a federal program that provides health insurance to seniors + the disabled

Medicaid

a federal program that provides health care for the poor