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Chapter 18-Economics
Definitions from chapter 18
43
Political Studies
12th Grade
01/16/2009

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Term
Public Policy
Definition
A specific course of action taken by government to achieve a public goal
Term
Policy agenda
Definition
The informal list of issues that congress and the president consider most important for action
Term
Distributive Policy
Definition
A type of policy that provides benefits to all Americans
Term
Redistributive Policy
Definition
A type of policy that takes benefits (usually through taxes) from one group of Americans and gives them to another (usually through spending.)
Term
Regressive tax
Definition
A tax whereby people with lower incomes pay a higher fraction of their income than people with higher incomes
Term
Rule
Definition
A precise legal definition of how government will implement a policy
Term
Iron Triangle
Definition
a policy making alliance that involves very strong ties among a congressional committee, an interest group, and a federal department or agency
Term
Issue Network
Definition
A policy making alliance among loosely connected participants that comes together on a particular issue, then disbands
Term
fiscal policy
Definition
Government policy that attempts to manage the economy by controlling taxing and spending
Term
Monetary Policy
Definition
government policy that attempts to manage the economy by controlling the money supply and thus interest rates
Term
Inflation
Definition
A rise in the general price level (and decrease in dollar value) owing to an increase in the volume of money and credit in relation to available goods
Term
Unemployment
Definition
The number of americans who are out of work but actively looking for a job. The number does not usually include those who are not looking
Term
Tariff
Definition
Tax levied on imports to help protect a nation's industries, labor, or farmers from foreign competition. It can also be used to raise additional revenue
Term
Excise Tax
Definition
Consumer tax on a specific kind of merchandise, such as tobacco
Term
Progressive tax
Definition
a tax graduated so that people with higher incomes pay a larger fraction of their income than people with lower incomes
Term
Deficit
Definition
The difference between the revenues raised annually from sources of income other than borrowing and the expenditures of government, including paying the interest on past borrowing
Term
National Debt
Definition
The total amount of money the federal government has borrowed to finance deficit spending over the years
Term
Gross Domestic Product (GDP)
Definition
The total output of all economic activity in the nation, including goods and services
Term
Entitlements
Definition
government programs, such as unemployment insurance, disaster relief, and disability payments that provide benefits to all eligible citizens
Term
Office of Management and Budget (OMB)
Definition
Presidential staff agency that serves as a clearinghouse for budgetary requests and management improvements for government agencies
Term
Congressional budget Office (CBO)
Definition
An agency of Congress that analyzes presidential budget recommendations and estimates the costs of proposed legislation
Term
Sales Tax
Definition
General Tax on sales transactions, sometimes exempting food and drugs
Term
Value-added tax (VAT)
Definition
A tax on increased value of a product at each stage of production and distribution rather than just at the point of sale
Term
Tax expenditure
Definition
Loss of tax revenue due to federal laws that provide special tax incentives or benefits to individuals or businesses
Term
Monetarism
Definition
A theory that government should control the money supply to encourage economic growth and restrain inflation
Term
Federal Reserve System
Definition
The system created by congress in 1913 to establish banking practices and regulate currency in circulation and the amount of credit available. It consists of 12 regional banks supervised by the Board of Governors. It is often called The Fed.
Term
Laissez-Faire Economics
Definition
theory that opposes governmental interference in economic affairs beyond what is necessary to protect life and property
Term
Keynesian Economics
Definition
Economic theory based on the principles of John Maynard Keynes stating that government spending should increase during business slumps and be curbed during booms.
Term
Trade Deficit
Definition
An imbalance in international trade in which the value of imports exceeds the value of exports
Term
World Trade Organization (WTO)
Definition
International organization derived from the General Agreement on Tariffs and Trade (GATT) that promotes free trade around the world
Term
General Agreement on Tariffs and Trade (GATT)
Definition
An international trade organization with more than 130 members, including the US and the People's Republic of China, that seeks to encourage free trade by lowering tariffs and other trade restrictions
Term
North American Free Trade Agreement (NAFTA)
Definition
Agreement signed by the US, Canada and Mexico in 1992 to form the largest free trade zone in the world
Term
Protectionism
Definition
Policy of erecting trade barriers to protect domestic industry
Term
Regulation
Definition
Efforts by government to alter the free operation of the market to achieve social goals such as protecting workers and the environment
Term
Monopoly
Definition
Domination of an industry by a single company; also the company that dominates industry
Term
Antitrust Legislation
Definition
Federal laws that try to prevent a monopoly from dominating an industry and restraining trade
Term
Trust
Definition
A monopoly that controls goods and services, often in combinations that reduce competition.
Term
Closed Shop
Definition
Company with a labor agreement under which union membership is a condition of employment
Term
Union Shop
Definition
A company in which new employees must join a union within a stated time period
Term
Labor Injunction
Definition
A court order forbidding specific individuals or groups from performing certain acts (such as striking) that the court considers harmful to the rights and prosperity of an employer or a community
Term
Collective Bargaining
Definition
Method whereby representatives of the union and employer determine wages, hours, and other conditions of employment through direct negotiation
Term
Environmental Impact Statement
Definition
A statement required by federal law from all agencies for any project using federal funds to assess the potential effect of the new constitution or development on the environment
Term
Deregulation
Definition
A policy promoting cutbacks in the amount of federal regulation in specific areas of economic activity
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