Public Policy and Economic Concepts

These flashcards cover key terms and their definitions related to public policy and economic concepts as discussed in the lecture.

Public Policy

A law, rule, statute, or edict that expresses the government's goals.

Economic Policy

A subset of public policy aimed at improving economic performance and outcomes.

Market Economy

An economic system where decisions are made by the interactions of citizens and businesses.

Public Good

A good that may be enjoyed by anyone once provided and cannot be denied to anyone.

Monopoly

A market structure where a single firm dominates, controlling the supply of a good or service.

Stable Markets

Market conditions that are predictable and foster consumer and investor confidence.

Economic Prosperity

The overall well-being of individuals in economics, including income and employment levels.

Full Employment

A situation where all who are able and willing to work can find employment.

Inflation

A consistent increase in the general level of prices for goods and services.

Gross National Product (GNP)

The market value of goods and services produced by a country's economy.

Gross Domestic Product (GDP)

The total market value of all final goods and services produced within a country during a specific period.

Federal Reserve System (Fed)

The central bank of the United States responsible for regulating monetary policy.

Fiscal Policy

Economic policy that involves government spending and taxation decisions.

Budget Deficit

The amount by which government spending exceeds government revenue in a fiscal year.

National Debt

The accumulation of budget deficits; the total amount owed by the U.S. government.

Taxation

The system through which governments finance their expenditure by imposing a financial charge.

Progressive Tax

A tax system where the tax rate increases as the taxable amount increases.

Regressive Tax

A tax that imposes a higher percentage rate on low-income earners than on high-income earners.

Mandatory Spending

Budget items that cannot be controlled through the regular budget process.

Discretionary Spending

Federal spending on programs that are controlled through the regular budget process.

Antitrust Policy

Regulations to prevent monopolistic behavior and promote competition.

Subsidy

A government grant to an individual or organization to promote certain activities.

Noncontributory Programs

Public assistance programs providing benefits based on need, not contributions.

Medicare

A national health insurance program primarily for the elderly and disabled.

Medicaid

A health insurance program for low-income individuals, financed by federal and state funds.

Affordable Care Act (ACA)

Legislation aimed at making health insurance more affordable for millions of Americans.

Supplemental Nutrition Assistance Program (SNAP)

A program offering nutritional assistance to low-income individuals and families.

Pell Grant

Federal grants provided to students with financial need to help pay for college education.

No Child Left Behind Act

A federal law aimed at improving educational outcomes through standardized testing.

Every Student Succeeds Act

A law intended to replace No Child Left Behind and provide states flexibility in education.

United States Chamber of Commerce

An organization that represents businesses and advocates for business-friendly policies.

Income Support Programs

Programs designed to assist individuals based on demonstrated financial need.

Labor Policy

Regulations and laws governing the relationship between employers and employees.

Consumer Protection

Laws and regulations designed to ensure the rights of consumers are upheld.

Economic Opportunity

The means by which individuals can improve their economic standing and well-being.

Corporate Welfare

Government support or subsidies for private businesses.

Entitlement Programs

Government programs providing benefits to individuals who meet certain eligibility criteria.