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15 Cards in this Set
- Front
- Back
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Contracting power
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the power of government to set conditions on companies seeking to sell goods or services to government agencies
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Contributory programs
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social programs financed in whole or in part by taxation or other mandatory contributions by their present or future recipients. The most important example is Social Security, which is financed by a payroll tax
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Cost-of-living adjustments (COLAs)
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changes made to the level of benefits of a government program based on the rate of inflation
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Fiscal Policy
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the government’s use of taxing monetary, and spending powers to manipulate the economy
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Food stamps
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coupons that can be exchanged for food at most grocery stores; the largest in-kind benefits program
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Indexing
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periodic adjusting of social benefits or wages to account for increases in the cost of living
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In-kind benefits
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noncash goods and services provided to needy individuals and families by the federal government that the beneficiary would otherwise have to pay for in cash
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Means testing
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a procedure by which potential beneficiaries of a public assistance program establish their eligibility by demonstrating a genuine need for the assistance
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Medicaid
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federally and state-financed, state-operated program providing medical services to low-income people
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Medicare
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a form of national health insurance for the elderly and the disabled
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Monetary Policy
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an effort to regulate the economy through the manipulation of the supply of money and credit. America’s most powerful institution in this area of monetary policy is the Federal Reserve Board
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Noncontributory programs
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social programs that provide assistance to people on the basis of demonstrated need rather than any contribution they have made
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Public policy
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a purpose or goal expressed by the government that is backed by a sanction (a reward or punishment)
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Social Security
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a contributory welfare program into which working Americans contribute a percentage of their wages and from which they receive cash benefits after retirement
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Subsidies
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government grants of cash or other valuable commodities such as land to individuals or organizations; used to promote activities desired by the government, to reward political support, or to buy off political opposition
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