gov unit 4 test

Core American Political Values

Individualism, Equality of Opportunity, Free Enterprise, Rule of Law, Limited Government

Individualism

a social theory favoring freedom of action for individuals over collective or state control.

equality of opportunity

giving people an equal chance to succeed

free enterprise/ laissez-faire

Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference

Rule of Law

principle that the law applies to everyone, even those who govern

Limited Government

A principle of constitutional government; a government whose powers are defined and limited by a constitution.

Equality of outcome

The concept that society must ensure that people are equal, and governments must design policies to redistribute wealth and status so that economic and social equality is actually achieved. (Liberal ideal)

Conservative Ideology

An ideology that advocates minimal regulation of the economy and decreased emphasis on income redistribution. Values individualism and personal responsibility.

Liberal Ideology

A political orientation that favors a more assertive role in the redistribution of economic resources, but emphasizes individual freedom on a range of social issues. Supports the government's role in achieving equality.

Political Socialization

the process by which people gain their political attitudes and opinions

Globalization

Actions or processes that involve the entire world and result in making something worldwide in scope. Influences American political ideology.

discretionary spending

non-mandatory spending about which Congress is free to make choices

Tracking polls

continuous surveys that enable a campaign or news organization to chart a candidate's daily rise or fall in support

Benchmark Poll

initial poll on a candidate and issues on which campaign strategy is based and against which later polls are compared

Entrance Poll / Exit Poll

A poll that is taken before voters have cast their votes at the polling stations / poll taken as voters are leaving polling station (used to predict a winner in an election)

Push Poll

a polling technique in which the questions are designed to shape or manipulate the respondent's opinion

Random Sample

a sample that fairly represents a population because each member has an equal chance of inclusion

Libertarian Ideology

An ideology that seeks even more limited government in all facets of society than that promoted by conservatives.

Populist

a supporter of the rights and power of the people

Fiscal Policy

Government policy that attempts to manage the economy by controlling taxing and spending.

Monetary Policy

Government policy that attempts to manage the economy by controlling the money supply and thus interest rates.

The Federal Reserve

the central bank of the United States

Interest rate

when the Federal Reserve loans money to banks, the proportion of a loan that is charged as interest to the bank

Discount rate

the minimum interest rate set by the Federal Reserve for lending to other banks.

supply-side economics

An economic philosophy that holds the sharply cutting taxes will increase the incentive people have to work, save, and invest. Greater investments will lead to more jobs, a more productive economy, and more tax revenues for the government.

Keynesian economics

Theory based on the principles of John Maynard Keynes, stating that government spending should increase during business slumps and be curbed during booms.

Mandatory Spending / Entitlements

Required govt spending by permanent laws

Deflation

A situation in which prices are declining

Devolution

the transfer of powers and responsibilities from the federal government to the states

Inflation

A general and progressive increase in prices

Medicaid

A federal and state assistance program that pays for health care services for people who cannot afford them.

Isolationism

A national policy of avoiding involvement in world affairs

NAFTA

North American Free Trade Agreement; allows open (free) trade with US, Mexico, and Canada.

safety net programs

A variety of government programs that benefit individuals and families with low incomes. These include food stamps, education assistance (grants and loans), housing vouchers, tax credits, job training, child care and more.

Federal Reserve System

The country's central banking system, which is responsible for the nation's monetary policy by regulating the supply of money and interest rates

Continuing Resolution

A emergency budget extension measure that Congress passes when a full budget law has not been completed by the beginning of the new fiscal year (October 1). Avoids government shutdown.

Budget reconciliation process

a legislative process of the United States Congress that allows expedited passage of certain budgetary legislation on spending, revenues, and the federal debt limit with a simple majority vote in both the House (218 votes) and Senate (51 votes).

budget deficit

the difference between tax revenue and government spending when government spending exceeds tax revenue

Stages of Policy Making

1. Setting the agenda 2. Formulating policy 3. Adopting policy 4. Implementing policy

Medicare

A federal program of health insurance for persons 65 years of age and older

Medicaid

A federal and state assistance program that pays for health care services for people who cannot afford them.

Third Rail of Politics

A term used to refer to an issue that is controversial and does not want to be touched by either party. Ex. Social Security reform

free trade

international trade left to its natural course without tariffs, quotas, or other restrictions.

fair trade

Alternative to international trade that emphasizes small businesses and worker owned and democratically run cooperatives and requires employers to pay workers fair wages, permit union organizing, and comply with minimum environmental and safety standards.

Multilateralism

A foreign policy that encourages the involvement of several nation-states in coordinated action, usually in relation to a common adversary, with terms and conditions usually specified in a multicountry treaty, such as NATO

Domino Theory

The US theory that stated, if one country would fall to Communism then they all would.