Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

APGAP > Ch. 17-20 Vocab. > Flashcards

Ch. 17-20 Vocab. Flashcards

1
Q

antitrust policy

A

a policy designed to ensure competition and prevent monopoly (the control of a market by 1 company)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

capitalism

A

an economic system based on the profit-motive and the private ownership of capital

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

collective bargaining

A

process through which organizations of workers try to improve working conditions, wages, and benefits for members by negotiating contracts with employers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

consumer price index (CPI)

A

the key measure of inflation that relates to the rise in prices over time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Federal Reserve system

A

the country’s central banking system, which is responsible for the nation’s monetary policy by regulating the supply of money and interest rates

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

fiscal policy

A

use of the federal budget of taxes, spending, and borrowing to influence the economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Food and Drug Administration (FDA)

A

a federal agency in the Dept. of Health and Human Services established to regulate the release of new foods and health-related products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

inflation

A

a rise in the general level of prices of consumer goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Keynesian economics

A

the theory emphasizing that govt. spending and deficits can help the economy weather its normal ups and downs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

labor union

A

an organization of workers that tries to improve working conditions, wages, and benefits for its members

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

laissez-faire

A

a policy that the govt. should interfere as little as possible in the nation’s economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

minimum wage

A

a minimum price that an employer can pay a worker for an hour of labor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

mixed economy

A

an economy in which private enterprise exists in combination with a considerable amount of govt. regulation and promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

monetarism

A

an economic theory holding that variations in unemployment and the rate of inflation are usually caused by changes in the supply of money

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

monetary policy

A

govt. manipulation of the supply of money in private hands

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

multinational corporation

A

a business that operates in many countries

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

National Labor Relations Act

A

Wagner Act; 1935 law that guarantees workers the right of collective bargaining, sets down rules to protect unions and organizers, and created the National Labor Relations Board to regulate labor-management relations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

protectionism

A

economic policy of shielding an economy from imports

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Securities and Exchange Commission (SEC)

A

govt. agency having primary responsibility for enforcing the federal securities laws and regulating the securities industry

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

supply side economics

A

economic theory that lower taxes will boost the economy as business and individuals invest their money, thereby creating higher tax revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

unemployment rate

A

the % of the labor force that is unemployed (actively seeking jobs, but unable to find work)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

World Trade Organization (WTO)

A

internatl. organization that regulates internatl. trade

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

earned income tax credit

A

a “negative income tax” that provides income to very poor individuals in lieu of charging them federal income taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

entitlement programs

A

a govt. benefit to which certain qualified individuals are entitled by law, regardless of need

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

feminization of poverty

A

the increasing concentration of poverty among women, esp. unmarried women and their children

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

income

A

amount of funds collected between any 2 points in time

27
Q

income distribution

A

the “shares” of the natl. income earned by various groups

28
Q

means-tested program

A

a govt. program available only to individuals below a poverty line

29
Q

poverty line

A

a method used to count the # of poor people; considers what a family must spend for an austere (basic) standard of living

30
Q

progressive tax

A

a tax by which the govt. takes a greater share of the income of the rich than the poor

31
Q

proportional tax (flat tax?)

A

a tax by which the govt. takes the same share of income from everyone, rich and poor alike

32
Q

regressive tax

A

a tax by which the burden falls relatively on low-income groups than upon wealthy taxpayers; opposite of progressive tax

33
Q

Social Security Trust Fund

A

a “bank deposit” into which Social Security contributions are “deposited” and used to pay to eligible recipients

34
Q

social welfare policy

A

a policy that provides benefits to individuals, either through entitlement or means testing

35
Q

transfer payments

A

a benefit given by the govt. directly to individuals; may be either cash transfers (i.e. Social Security payments) or in-kind transfers (i.e. food stamps)

36
Q

wealth

A

the value of assets owned

37
Q

Clean Air Act

A

1970; law that charged the Dept. of Transportation with the responsibility to reduce automobile emissions

38
Q

Endangered Species Act

A

1973; law that required the federal govt. to protect actively each of the 100s of species listed as endangered

39
Q

Environmental Protection Agency (EPA)

A

an agency of the federal govt. created in 1970 and charged with administering all of the federal govt.’s environmental legislation

40
Q

Health Maintenance Organization (HMO)

A

organization contracted by individuals or insurance companies to provide health care for a yearly fee

41
Q

Medicaid

A

a public assistance program designed to provide health care for poor Americans

42
Q

Medicare

A

a program added to the Social Security system in 1965 that provides hospitalization insurance for the elderly and permits older Americans to purchase inexpensive coverage for doctors fees and other medical expenses

43
Q

National Health Insurance

A

a compulsory insurance program for all Americans that would have the govt. finance citizens’ medical care

44
Q

Occupational Safety & Health Administration (OSHA)

A

agency est. by Congress to oversee working conditions by settling and enforcing labor standards

45
Q

Superfund

A

a fund created by Congress in 1980 to clean up hazardous waste sites that is funded by taxes on chemical products

46
Q

Water Pollution Control Act

A

1972; a law intended to clean up the nation’s rivers and lakes; requires municipal, industrial, and other polluters to use pollution control technology and secure permits from the EPA for discharging waste products into waters

47
Q

Arms Race

A

a tense relationship beginning in the 1950s between the Soviet Union and the US whereby one side’s weaponry goaded the other to procure more weaponry, and so on

48
Q

balance of trade

A

the ration of what is paid for imports to what is earned from exports

49
Q

Central Intelligence Agency (CIA)

A

an agency created after WWII to coordinate American intelligence activities abroad

50
Q

Cold War

A

war by other than military means, usually emphasizing ideological conflict

51
Q

containment doctrine

A

a foreign policy strategy that called for the US to isolate the Soviet Union, “contain” its advances, and resist its encroachments by peaceful means if possible, but by force if necessary

52
Q

detente

A

a slow transformation from conflict thinking to cooperative thinking if foreign policy strategy and policymaking

53
Q

European Union (EU)

A

an alliance of the major Western European nations that coordinates monetary, trade, immigration, and labor policies, making the members one economic unit

54
Q

foreign policy

A

a policy that involves choice-taking, like domestic policy, but additionally involves choices about relations with the rest of the world

55
Q

interdependency

A

mutual dependency, in which the actions of nations reverberate and affect one another’s economic lifelines

56
Q

International Monetary Fund (IMF)

A

a nongovernmental organization est. in 1944 to help stabilize the internatl. monetary system, improve economic growth, and aid developing nations

57
Q

isolationism

A

a foreign policy course followed throughout most of our nation’s history, whereby the US tried to stay out of other nations’ conflicts, esp. European wars

58
Q

Joint Chiefs of Staff

A

the commanding officers of the armed services who advise the president on military policy

59
Q

North American Free Trade Agreement (NAFTA)

A

an agreement among the US, Canada, and Mexico to create a trilateral trade bloc, eliminating barriers to free trade among the 3 countries

60
Q

North Atlantic Treaty Organization (NATO)

A

created in 1945, an organization whose members include the US, Canada, most W. European nations, and Turkey, all of whom agreed to combine military forces and treat a war against one as a war against all

61
Q

sanction

A

a trade penalty that one nation places on another to encourage the penalized nation to change its actions or policies

62
Q

Strategic Defense Initiative

A

a defense plan against Soviet nuclear weapons unveiled by President Reagan in 1983

63
Q

tariff

A

a special tax added to imported good to raise the price, thereby protecting American businesses and workers from foreign competition

64
Q

United Nations (General Assembly & Security Council)

A

created in 1945, an organization whose members agree to renounce war and to respect certain human and economic freedoms

APGAP (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions