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GOVT2305 Spiker Rainey summer 2014 exam 3
Grace McGill
20
Other
Undergraduate 3
07/03/2014

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Term
positive government
Definition
philosophical belief that government intervention is necessary in order to enhance personal liberty and security when individuals are buffeted by economic and social forces beyond their control
Term
entitlement programs
Definition
any of a number of individual-benefit programs, such as social-security, that require government to provide a designated benefit to any person who meets the legally defined criteria for eligibility
Term
social insurance
Definition
social welfare program are based on the "insurance" concept requiring that individual pay into the program in order to be eligible to receive funds from it
Term
public assistance
Definition
a term that refers to social welfare programs funded through general tax revenues and available only to the financially needy
Term
means test
Definition
requirement that applicants for public assistance must demonstrate that they are poor in order to be eligible for the assistance
Term
in-kind-benefit
Definition
a government benefit that is a cash equivalent, such as food stamps or rent vouchers
Term
Social Security
Definition
Created by the Social Security Act of 1935, the largest contributory income security program pays most of its benefits to retirees and the elderly
Term
unemployment compensation
Definition
Created by the Social Security Act of 1935 to provide benefits to people who've recently lost their jobs
Term
minimum wage
Definition
established by the Fair Labor Standards Act in the 1938, a federal requirement that employers pay their workers enough to live on
Term
Earned income tax credit
Definition
An antipoverty program established by in 1975 to help workers with low incomes who file tax returns
Term
economy
Definition
a system for the exchange of goods and services between teh producers of those goods and the consumers of them
Term
laissez-faire economics
Definition
a classic economic philosophy holding that owners of businesses should be allowed to make their own production and distribution decisions with out government regulation or control
Term
regulation
Definition
a term that refers to government restrictions on the economic practices of private firms
Term
economic efficiency
Definition
an economic principle holding that firms should fulfill as many of society's needs as possible while using as few of its resources as possible
Term
externalities
Definition
burdens that society incurs when firms fail to pay the full costs of production
Term
deregulation
Definition
rescinding of excessive government regulations for the purpose of improving economic efficiency
Term
economic efficiency
Definition
situation in which the outcome of an economic transaction is fair to each party
Term
economic depression
Definition
a very severe and sustained economic downturn
Term
economic recession
Definition
a moderate but sustained downturn in the economy
Term
demand-side economics
Definition
a form of fiscal policy that emphasizes "demand" (consumer spending)
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