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11 Cards in this Set
- Front
- Back
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poverty line
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the annual cost of a thrifty food budget for an urban family of four, multiplied by three to include the cost of housing, clothes, and other necessities.
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negative government
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government governs best by staying out of people's lives, giving them as much freedom as possible to determine their own pursuits and encouraging them to become self-reliant
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positive government
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the idea 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
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transfer payments
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government benefits given directly to individual recipients, such as the monthly social security checks that retirees receive.
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entitlement programs
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any individual who meets the criteria for eligibility is entitled to the benefit
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social insurance
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only the individuals who paid special payroll taxes when they were employed are eligible for these benifits
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public assistance programs
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social welfare programs funded through the general tax revenues and available only to the financially needy. Eligibility for such a program is established by a means test
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means test
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applicants must prove they are poor enough to qualify for the benefit
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in-kind benefit
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not cash, but food stamps that can be spent only on grocery items
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effective tax rate
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the actual percentage of a person's income spent to pay taxes
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equality of opportunity
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the idea that people should have a reasonable chance to succeed if they make the effort
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