Chapter 12: Abernathy/Waples, American Government: Stories of a Nation, Presidential Election Update 1E

political ideology

an individual's coherent set of beliefs about govern ment and politics.

right

something fundamental to which all have access.

privilege

something subject to political process.

political ideology

an individual's coherent set of beliefs about govern ment and politics.

party identification

an individual's attachment to a political party.

conservatism

an ideology favoring more regulation of social behavior and less government interference in the economy.

liberalism

an ideology favoring less government control over social behavior and greater regulation of the economy.

libertarianism

an ideology favoring very little government intervention beyond protecting private property and individual liberty.

laissez-faire economy

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

command-and-control economy

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

mixed economy

economic policy in which many economic decisions are left to individuals and businesses with the federal government regula ting economic activity.

gross domestic product (GDP)

the total value of goods and 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 and services.

consumer price index (CPI)

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

fiscal policy

government use of taxes and spending to attempt to lower unemployment, support economic activity, and stabilize the economy.

Federal Reserve System

a board of governors, Federal Reserve Banks, and 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 and the disabled.

Medicaid

a federal program that provides health care for the poor.