Brooke- social and economic policy Flashcards
Affordable Care act
(ACA) or nicknamed Obamacare, is a United States federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.
Agenda setting
describes the “ability [of the news media] to influence the importance placed on the topics of the public agenda”.[1] With agenda setting being a social science theory, it also attempts to make predictions. That is, if a news item is covered frequently and prominently, the audience will regard the issue as more important.
Board of Governors
is a federal government agency that is the Fed’s centralized component. The Board consists of seven members who are appointed by the president of the United States and confirmed by the Senate.
Budget Deficit
A deficit occurs when the government spends more than it taxes; and a surplus occurs when a government taxes more than it spends.
Charter School
a publicly funded independent school established by teachers, parents, or community groups under the terms of a charter with a local or national authority.
Common core
a set of educational standards for teaching and testing English and mathematics between kindergarten and 12th grade.
Department of Health and Human Services
The United States government’s principal agency for “protecting the health of all Americans and providing essential human services, especially for those who are least able to help themselves.” Also known as DHHS and HHS.
Depression
a long and severe recession in an economy or market.
discount rate
the minimum interest rate set by the Federal Reserve for lending to other banks.
distributive policies
Aimed at ensuring proper distribution of opportunities, goods, services among different sections of society. Meant for specific groups / sections of society.
entitlement programs
a government program that guarantees certain benefits to a particular group or segment of the population.
federal reserve system
often referred to as the Federal Reserve or simply “the Fed,” is the central bank of the United States. It was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system.
Fiscal policy
the use of government revenue collection and expenditure to influence the economy
Governmental institutional agenda
are those problems that legislators or public officials feel.
Gross domestic product
the total value of goods produced and services provided in a country during one year.
Inflation
a general increase in prices and fall in the purchasing value of money.
Keynesian economics
In a capitalist system, people earn money from their work. Businesses employ and pay people to work. Then people can spend their money on things they want.
Laissez faire
abstention by governments from interfering in the workings of the free market.
Means-tested programs
a method for determining whether someone qualifies for financial assistance to obtain a service or good.
Medicaid
a health care program that assists low-income families or individuals in paying for doctor visits, hospital stays, long-term medical, custodial care costs and more.
Medicare
is the federal health insurance program for: People who are 65 or older. Certain younger people with disabilities. People with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD)
Monetary policy
the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.
National debt
the total amount of money that a country’s government has borrowed, by various means.
No child left behind act
It affects what students are taught, the tests they take, the training of their teachers and the way money is spent on education.
Non means tested programs
For example, social security is a non means based program because it is given to anyone, regardless of their income, once they hit age for it and made the minimum contribution defined by the law.
Open market operations
an activity by a central bank to give liquidity in its currency to a bank or a group of banks.
Policy adoption
is the third phase of the policy process in which policies are adopted by government bodies for future implementation.
Policy evaluation
applies evaluation principles and methods to examine the content, implementation or impact of a policy. Evaluation is the activity through which we develop an understanding of the merit, worth, and utility of a policy.
Policy formulation
is the development of effective and acceptable courses of action for addressing what has been placed on the policy agenda.
Policy implementation
he third stage of policy cycle its means the stage of the policy process immediately after the passage of a law, or the action that will be taken to put the law into effect or that the problem will be solved.
Public policy
the principle that injury to the public good is a basis for denying the legality of a contract or other transaction.
Recession
period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
Redistributive properties
the equalization of property and wealth ownership by direct political fiat. It includes taxation designed to move wealth from one group to another, “land reform” and other means to promote “equality”
Regulatory policies
In addition to fiscal and monetary policies, a government affects the economy through regulatory policy, which aims to limit what can be done in the marketplace.
Reserve requirements
is a central bank regulation employed by most, but not all, of the world’s central banks, that sets the minimum amount of reserves that must be held by a commercial bank.
Social security act
created Social Security in the United States, and is relevant for US labor law. It created a basic right to a pension in old age, and insurance against unemployment.
Systematic agenda
all issues that are commonly perceived by members of the political community as meriting public attention and as involving matters within the legitimate jurisdiction of existing governmental authority”.
Vouchers
a small printed piece of paper that entitles the holder to a discount or that may be exchanged for goods or services.
