Ch. 2 Britain Vocab.

Front 1

Social Security

Back 1

National systems of contributory and noncontributory benefits to provide assistance for elderly, sick, disabled, unemployed, and others.

Front 2

Cabinet Government

Back 2

system of government in which cabinet exercises responsibility for formulating policy and directing both government and executive branch. (in Britain)

Front 3

Foreign Direct Investment

Back 3

ownership enterprise in cross-border enterprises in which the investor plays a direct managerial role.

Front 4

Monetarism

Back 4

approach to economic policy that assumes a natural rate of unemployment determined by the labor market, emphasizes setting targets for the rate of growth of monetary supply, gives highest priority controlling inflation, rejects instrument of government spending to run budgetary deficits for stimulating economy.

Front 5

Macroeconomic Policy

Back 5

government policy intended to shape the overall economic system at national level by concentrating on policy targets such as inflation.

Front 6

Gender Gap

Back 6

politically significant difference in social attitudes and voting behavior between men and women.

Front 7

Keynesianism

Back 7

named after the British economist John Maynard Keynes, approach to economic policy in which state economic policies are used to regulate the economy in an attempt to achieve stable economic growth.

Front 8

Parliamentary Sovereignty

Back 8

constitutional principle of government by which the legislature reserves the power to make or overturn any law without recourse by the executive, the judiciary, or the monarchy. Only Parliament can nullify or overturn legislation approved Parliament; and Parliament can force the cabinet or the government to resign by voting a motion of no confidence.

Front 9

National Health Service (NHS)

Back 9

A government organization in Great Britain that provides at public expense all hospital, medical, dental, and related supportive or ancillary services and appliances and prescription drugs.

Front 10

Labour/ New Labour Party

Back 10

Political party in Great Britain, formed in 1900 from various socialist and labor groups and taking its present name in 1906.

Front 11

Distributional Effects

Back 11

weighing the effects of a particular task or event, policies are good examples.