Econ Ch. 7

Front 1

the view that the benefits of economic growth and prosperity wil "trickle down" to all

Back 1

trickle-down philosophy

Front 2

a graphical technique that exhibits the income distribution

Back 2

lorenz curve

Front 3

any government program that is targeted to aid low-income people

Back 3

social (public) assistance

Front 4

a federal program that provides income transfers to retired workers, the survivors of deceased workers, and disabled workers

Back 4

social security

Front 5

any government program funded by payroll taxes of employers, employees, or both. aperson need not have low income to qualify

Back 5

social insurance

Front 6

a block grant from the federal government to state governments to be used in state welfare programs in compliance with federal guidelines

Back 6

temporary assistance for needy families (TANF)

Front 7

a lump sum of money given by the federal government to state governments to used as they wish within broad federal guidelines to develop programs to meet a braod category of need

Back 7

block grant

Front 8

our nation's former welfare program providing cash assistance to eligible low income families with children

Back 8

aid to families with dependent children (AFDC)

Front 9

legislation that eliminated AFDC and replaced it with state programs that require work. italso tightened eligibility for and reduced the benefits offered by other social assistance programs

Back 9

personal responsibility and work opportunity reconciliation act of 1996 (PRA)

Front 10

a situation in which people are poor in comparison with other people

Back 10

relative poverty

Front 11

a situation in which people experience the hardship of poverty according to some objective criterion

Back 11

absolute poverty

Front 12

the division of total income in an economy among people of different income groups

Back 12

income distribution

Front 13

all household income from any source, including income transfers, calculated before taxes

Back 13

money income

Front 14

a cash trasfer from the government to an individual, for which no good or service is provided to the government in return

Back 14

income transfer

Front 15

a cash trasfer from the government to an individual, for which no good or service is provided to the government in return

Back 15

income transfer

Front 16

a transfer of goods or services (or acces to goods or services) from the government to an individual, for which no good or service is proveded to the government in return

Back 16

in-kind transfer

Front 17

a level of income below which a household is considered poor

Back 17

poverty line

Front 18

the percentage of the population that is poor

Back 18

poverty rate

Front 19

a government program providing medical coverage for eligible low-income people

Back 19

Medicaid

Front 20

a government program providing medical coverage largely to elderly people

Back 20

Medicare

Front 21

who the poor are, and which groups of people have a greater likelihood of being poor

Back 21

incidence of poverty

Front 22

a decline in a nation's gross domestic product (output) associated with a rise in unemployment

Back 22

recession

Front 23

spending that is designed to improve the productiveity of people

Back 23

investment in human capital

Front 24

payments (or programs) to which eligible citizens have a right by law

Back 24

universal entitlements

Front 25

a taxation system that taxes people with incomes above a certain level and pays people below that level

Back 25

negative income tax

Front 26

a federal tax credit for low-income individuals and families. the credit is available whether or not the worker pays federal personal income taxes

Back 26

earned income tax credit (EITC)