Political Concepts and Economic Theories

Free Enterprise

• An economic system where prices are determined by unrestricted competition between privately owned businesses.

Individualism

• A social theory prioritizing the individual over the collective or society.

Equality of Opportunity

• A principle asserting individuals should have equal chances to pursue any talents and ambitions.

Rule of Law

• The principle that law should govern a nation, not arbitrary decisions by individual government officials.

Political Socialization

• The process by which individuals develop their political beliefs and values.

Globalization

• The process by which businesses or organizations develop international influence or start operating on an international scale.

Opinion Poll

• A survey of public opinion from a particular sample, usually used in political contexts.

Exit Poll

• Surveys conducted with voters right after they have exited the polling stations to predict the outcome of an election.

Sampling Error

• The error that occurs when the sample does not represent the population, leading to inaccurate conclusions.

Focus Group

• A diverse group of people assembled to provide feedback on a particular subject, often used in market and political research.

Public Opinion

• The collective attitudes and beliefs of individuals on certain issues.

Reliability

• The consistency of a measure; results should be repeatable under consistent conditions.

Validity

• The extent to which a concept, conclusion, or measurement is well-founded and accurately corresponds to the real world.

Democratic Party

• One of the two major political parties in the U.S., traditionally associated with liberal policies.

Liberalism

• A political ideology emphasizing individual freedoms, civil rights, and progressive social policies.

Republican Party

• One of the two major political parties in the U.S., generally aligned with conservative values.

Conservatism

• A political philosophy that promotes retaining traditional social institutions.

Libertarianism

• A political philosophy advocating for minimal state intervention in the personal and economic lives of individuals.

Keynesian Theory

• An economic theory proposed by John Maynard Keynes, advocating for active government intervention in the economy to manage demand.

Monetary Policy

• The process by which a central bank manages the supply of money, aiming to achieve specific goals like controlling inflation, consumption, growth, and liquidity.

Fiscal Policy

• The use of government spending and taxation to influence the economy.

Federal Reserve

• The central banking system of the United States, responsible for implementing monetary policy.