Studied by 3 people
political ideology
a set of beliefs about the desired goals and outcomes of a process of governance
right
something guaranteed, that the government cannot take away
privilege
something a person may obtain or receive, but that the government can take away
party ideology
a party’s philosophy about the proper role of government and 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 regulations on businesses, and less government interference in the economy
liberalism
an ideology favoring less government control over social behavior and more greater regulation of businesses and of the economy
libertarianism
an ideology favoring very little government regulation and 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 price for goods
mixed economy
economic policy in which many economic decisions are left to individuals and businesses, with the government regulating 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)
the cost of a fixed basket of 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 growth, 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
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