Affordable Care Act (ACA) - A 2010 law designed to ensure that nearly all Americans would have access to healthcare coverage, including those living in poverty 

Agenda setting - The process of forming the list of issues to be addressed by government 

Board of Governors - In the Federal Reserve system, a seven-member board that makes most economic decisions regarding interest rates and the supply of money; it is led by the Federal Reserve chair 

Budget deficit - The economic condition that occurs when expenditures exceed revenues

Charter school - Semi-public schools that have open admission and receive some support from the government and may also receive private donations to increase the quality of Education

Common core - A voluntarily adopted multi-state approach to setting standards to all students should achieve up through the high school level 

Department of Health and Human Services - The cabinet level department administrating most federal social welfare and health related policies and programs; it includes the National Institutes for Health, the Centers for Disease Control and Prevention, and the Food and Drug Administration

Depression - A severe and long-lasting decline in the economy that occurs as investment sags, production falls off, and unemployment increases 

Discount rate - The rate of interest at which the Federal Reserve Board lends money to member banks

Distributive policies - Public policies that provide benefits to individuals, groups, communities, or corporations

Entitlement programs - Government benefits that all citizens meeting eligibility criteria - such as age, income level, or unemployment - are legally “entitled” to receive 

Federal Reserve System - The organization in the United States tasked with such responsibilities as managing the money supply, stabilizing prices, moderating interest rates, and, reducing unemployment 

Fiscal policy - The delivery use of the national government's taxing and spending policies to maintain economic stability 

Governmental (institutional) agenda - Problems to which public officials feel obliged to devote active and serious attention 

Gross domestic product (GDP) - The total market value of all goods and services produced in a country during a year 

Inflation - Arise in the general price levels of goods and services within an economy

Keynesian economics - An economic approach first championed but economist John Maynard Keynes in the 1930s, who maintained that spending by government can stimulate economic growth much faster than the free market could on its own 

Laissez-faire - Economic philosophy that endorses a very limited role for government in the economy 

Means-tested programs - Programs requiring beneficiaries to have incomes below specified levels to be eligible for benefits; among these are Social Security Insurance, Temporary Aid to Needy Families, and the Supplemental Nutrition Assistance Program, formally called “food stamps”

Medicaid - A government program that subsidizes medical care for the poor 

Medicare - The federal program established during Lyndon B Johnson's Administration that provides Medical Care to elderly Social Security recipients

Monetary policy - A form of government regulation in which the nation's money supply and interest rates are controlled 

National debt - The total amount owed by the federal government to its creditors, both domestic and international 

No child left behind act (NCLB) - Bipartisan education reform bill that employed high standards and measurable goals as a method of improving American Education across States; in 2016, it was largely replaced by the Every Student Succeeds Act

Non-means-tested programs - Programs that provide cash assistance to qualified beneficiaries, regardless of income; among these are Social Security and unemployment insurance 

Open market operations - The buying and selling of government securities by the Federal Reserve Bank 

Policy adoption - The approval of a policy proposal by people with their requisite authority, such as a legislature

Policy evaluation - The process of determining whether a course of action is achieving its intended goals 

Policy formulation - The crafting of proposed courses of action to resolve public problems 

Policy implementation - The process of carrying out public policy 

Public policy - An intentional course of action or inaction followed by government in dealing with some problem or matter of concern 

Recession - A decline in the economy that occurs as investment sags, production falls off, and unemployment increases

Redistributive policies - Public policies that transfer resources from one group to assist another group 

Regulatory policies - Public policies that limit the activities of individuals and corporations or prohibit certain types of unacceptable behavior 

Reserve requirements - Government requirements that a portion of member banks deposits be retained as backing for their loans

Social Security Act - A 1935 law that established old age insurance; assistance for the needy, aged, blind, and families with dependent children; and unemployment insurance

Systemic agenda - A set of issues to be discussed or given attention to; it consists of all public issues viewed as requiring governmental action

Vouchers - Certificates issued by the government that may be applied toward the cost of attending private or other public schools