Ap Politics Chapter 17 And 18

Front 1

Antitrust Policy

Back 1

policy designed to ensure competition and prevent monopolies

Front 2

Capitalism

Back 2

an economic system in which individuals and corporations, not the government, own the principle means of production and seek profits

Front 3

Collective Bargaining

Back 3

union representatives and management determine pay and working conditions

Front 4

Consumer Price Index (CPI)

Back 4

the key measure of inflation that relates the rise in prices over time

Front 5

Federal Reserve System

Back 5

main policymaker is the board of governors(7 members, 14 year term)

Front 6

Fiscal Policy

Back 6

policy that describes the impact of the federal budget on the economy

Front 7

FDA

Back 7

created in 1913; approves foods and drugs sold in the US

Front 8

Inflation

Back 8

rises in prices for consumer goods

Front 9

Keynesian Economic Theory

Back 9

the theory emphasizing that government spending and deficits can help the economy weather its normal ups and downs. Proponents of this theory advocate using the power of government to stimulate the economy when it is lagging.

Front 10

Laissez-Faire

Back 10

the principle that government should not meddle in the economy

Front 11

mixed economy

Back 11

an economic system in which government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer and borrower

Front 12

monetarism

Back 12

manipulation of money in private hands-too much cash and credit produces inflation

Front 13

monetary policy

Back 13

supply of money in private hands by which the government can control the economy

Front 14

multinational corporations

Back 14

large businesses with vast holdings in many countries. many of these companies are larger than most governments.

Front 15

national labor relations act

Back 15

also known as the wagner act, regulates labor-managment relations and guarenteed collective bargaining

Front 16

Right-to-work Laws

Back 16

forbid requirements that workers must join a union

Front 17

SEC (Securities and Exchange Commission)

Back 17

the federal agency created during the New Deal that regulates stock fraud

Front 18

Supply-side economics

Back 18

policy that says there is too much taxation and not enough money to purchase goods and services (trickle down economics)

Front 19

Taft-Hartley Act

Back 19

gives the President power to halt strikes

Front 20

Unemployment Rate

Back 20

measured by the BLS, the portion of the labor force actively seeking work

Front 21

entitlement programs

Back 21

government benefits that certain qualified individuals are entitled to by law, regardless of need

Front 22

means-tested programs

Back 22

government programs only available toindividuals below poverty line

Front 23

income

Back 23

amount of funds collected between any two points in time

Front 24

wealth

Back 24

amount of funds already owned

Front 25

poverty line

Back 25

considers what a family must spend for an "austere" standard of living

Front 26

feminization of poverty

Back 26

high rates of poverty among unmarried women

Front 27

progressive tax

Back 27

people with higher income pay a greater share

Front 28

proportional tax

Back 28

all people pay the same share of their income

Front 29

regressive tax

Back 29

tax credits to the wealthy

Front 30

earned income tax credit

Back 30

negative income tax that provided income to very poor people (for children up to the age of 23, in in school)

Front 31

income distribution

Back 31

the shares of the national income earned by various groups

Front 32

personal responsibility and work opportunity reconcilation act

Back 32

in august of 1996 the president and the congressional republicans completed a welfare reform bill that received almost unanimous backing among congressional republicans but that was opposed by half of congressional democrats

Front 33

social securtity act of 1935

Back 33

this law passed during the great depression that was intended to provide a minimal level of sustenance to older americans and thus save them from poverty

Front 34

social security trust fund

Back 34

the "bank account" into which social securtiy contribution are deosited and used to pay out eligible recipients

Front 35

social welfare policies

Back 35

policies that provide benefits to individuals either through entitlements or means testing

Front 36

temporary assistance to needy families

Back 36

once called aid to families with dependent children the new name for public assistance to needy families

Front 37

transfer payments

Back 37

benefits given by the government directly to individuals. transfer payments may be either cash transfers, such as social securtity payments and retirment payments to former government employees, or in kind transfers, such as food stamps and low interest loans for college education