Chapter 12

a set of beliefs about the desired goals and outcomes of a process of governance

something guaranteed that the government can not take away

something a person may obtain or receive, but the government can take away

A party’s philosophy about the proper role of government and its set of positions on major issues

an individuals attachment to a political party

an ideology favoring more control over social behavior, fewer regulations on businesses, and less government interference in the economy

an ideology favoring less government control over social behavior, and more greater regulation of businesses & the economy

an ideology favoring very little government regulation & intervention beyond protecting private property and individual liberty

argued that national economic prosperity can best be obtained by allowing individuals to freely pursue their own economic interest in bargain with others in a competitive marketplace

economic policy in which governments intrude as little as possible in the economic transactions between citizens and businesses

economic policy in which the government dictates much of a nations economic activity, including the amount of production and price for goods

economic policy in which many economic decisions are left to individuals and businesses, with the government regulating economic activity

The total value of goods and services produced by an economy

The percentage of people who are actively looking for work who cannot find jobs

The rise in the prices of goods and services

A period of declined economic activity, typically defined by two consecutive quarters of negative GDP growth

The cost of a basket of fixed goods and services overtime, used to measure the cost of living

argues that the government should spend more money and cut taxes when the economy is struggling, & do the opposite when they economies doing well

suggests that the economy should cut taxes to encourage businesses to grow and taxpayers to spend more money

The idea that benefits given to the wealthy or business, like tax cuts, will eventually pass down to everyone else in the form of more jobs & higher incomes

monetary policy and fiscal policy

Government use of taxes and spending to attempt to lower unemployment, support economic growth, and stabilize the economy

theory that the government should match the growth of the money supply to the growth in economic productivity

Aligning the money supply with economic productivity to prevent inflation & ensure stable growth

A board of governors, federal reserve banks, and member banks responsible for monetary policy

a set of economic policy tools designed to regulate the amount of money in the economy

A federal program that provides health insurance to senior citizens and the disabled — ran by the federal government and supported by federal taxes

a federal program that provides healthcare for the poor — jointly funded by the states and the federal government

the requirement that individuals purchase health insurance or pay a penalty/fine

programs that provide taxpayer money for tuition at private and religious schools

it forces the public schools to improve to retain students & funding

it drains funds from public schools, harming the majority that remain in public schools, and violates the first amendment by funding religious education