Unit 2 Key Terms

Bandwagon Effect

shift of support to a candidate or position holding the lead in public opinion polls and therefore believed to be endorsed by many people

Bipartisanship

support from both parties for policy, e.g., a bipartisan foreign policy

Budget deficit

results when federal expenditures exceed federal revenues for a one year period

Command-and-control economy

economic policy in which govt dictates much of a nation’s economic activity, including the amount production and price for goods

Deficit spending

the federal government’s practice of spending more money than it takes in as revenues.

Deregulation

elimination of federal regulations on private companies

Entitlements

federal benefit payments to which recipients have a legal right, e.g., Social Security.  Also known as uncontrollables

Fiscal policy

taxing and spending policies.

Flat tax

a tax that taxes citizens at the same rate

Gender gap

difference in voting patterns for men and women, particularly in the greater tendency of the latter to vote for Democratic presidential candidates

General election

election in which the officeholders are chosen.  Contrast with a primary election, in which only the candidates are chosen

Gross Domestic Product (GDP)

the total value of goods/services produced by an economy

Ideology

set of beliefs about political values and the role of government

Incumbent

an officeholder who is seeking reelection

Independent

one is not registered with a political party.  Independent leaners tend to vote for candidates of one particular party, whereas pure independents have no consistent pattern of party voting

Laissez-faire economy

economic policy in which governments intrude as little as possible in the economic transactions between citizens and businesses (think Adam Smith’s “invisible hand”)

Means testing

requiring that those who receive federal benefits show a need for them

Medicaid (aid the poor)

health insurance for poor people

Medicare (care for the elderly)

health insurance for old people

Mixed economy

economic policy in which many economic decisions are left to individuals and businesses, with the government regulating economic activity

Monetary policy

Federal Reserve Board’s regulation of the supply of money in circulation

NAFTA

North American Free Trade Agreement; lifted trade barriers among the U.S., Mexico, and Canada

National debt

total debt owed by the federal government due to past borrowing.  Also known as the public debt

Party identification

a sense of affiliation that a person has with a particular political party

Party platform

a list of positions and programs that the party adopts at the national convention.  Each position is called a plank

Political culture

the widely shared beliefs, values, and norms that citizens share about their government

Political efficacy

capacity to understand and influence political events

Political socialization

process in which one acquires his/her political beliefs

Realigning (“critical”) election

an election in which there is a long term change in party alignment, e.g., 1932.

Subsidy

federal financial aid to individuals, e.g., welfare, food stamps, agricultural subsidies.