AP Gov Ch. 15 Chris Bauder Flashcards
affordable care act
a 2010 law designed to ensure that nearly all Americans would have access to health care coverage, including those living in poverty
public policy
an intentional course of action or inaction followed by government in dealing with some problem or matter of concern
distributive policies
public policies that provide benefits to individuals, groups, communities, or corporations
regulatory policies
public policies that limit the activities of individuals, groups, communities, or corporations
systemic agenda
a set of issues to be discussed or given attention; it consists of all public issues viewed as requiring governmental attention
governmental (institutional) agenda
problems to which officials feel obliged to devote active and serious attention
agenda setting
the process of forming the list of issues to be addressed by government
policy formulation
the crafting of proposed courses of action to resolve public problems
policy adoption
the approval of a policy proposal by people with the requisite authority, such as a legislature
policy implementation
the process of carrying out public policy
public evaluation
the process of determining whether a course of action is achieving its intended goals
fiscal policy
the deliberate use of the national government’s taxing and spending policies to maintain economic stability
national debt
the total amount owed by the federal government to its creditors, both domestic and international
laissez-faire
economic philosophy that endorses a very limited role for government in the economy
recession
a decline in the economy that occurs as investment sags, production falls off, and unemployment increases
depression
a severe and long lasting decline in the economy that occurs as investment sags, production falls off, and unemployment rises
keynesian economics
an economic approach first championed by economist john maynard keynes in the 1930’s, who maintained that spending by government can stimulate economic growth much faster than a free market could on its own
inflation
a rise in the general price levels of goods and services within an economy
budget deficit
the economic condition that occurs when expenditures exceed revenues
gross domestic product
the total market value of all goods and services produced in a country during a year
monetary policy
a form of government regulation in which the nation’s money supply and interest rates are controlled
federal reserve system
the organization in the united states tasked with such responsibilities as managing the money supply, stabilizing prices, moderating interest rates, and reducing unemployment
board of governors
in the federal reserve system, a seven-member board that makes most economic decisions regarding interest rates and the supply of money; it is led by the federal reserve chair
open market operations
the buying and selling of government securities by the federal reserve bank
