Chapter 15 & 16 Flashcards
Domestic policy
Domestic policy refers to a government’s plans, actions, and initiatives that primarily focus on issues within its own country, such as healthcare, education, economic stability, and social welfare.
Single payer system
A single-payer healthcare system is a healthcare system in which the government, rather than private insurers, pays for all healthcare costs. It’s characterized by a single entity, typically the government, that collects all healthcare fees and pays out all healthcare costs.
Affordable care act
The Affordable Care Act (ACA), also known as Obamacare, is a law in the United States aimed at making healthcare more accessible and affordable for Americans. It includes provisions such as subsidies to help people afford insurance, protections for those with pre-existing conditions, and the expansion of Medicaid.
Medicare
Medicare is a government-run health insurance program in the United States. It primarily provides coverage for people who are 65 years old or older, as well as some younger people with disabilities. It helps cover the costs of healthcare services like doctor visits, hospital stays, and prescription drugs.
Medicaid
Medicaid is a government program in the United States that provides health coverage to low-income individuals and families. It helps pay for medical services such as doctor visits, hospital stays, prescription drugs, and other healthcare costs. Eligibility for Medicaid varies by state and is based on income and other factors.
Life expectancy
Life expectancy is the average number of years a person can expect to live, based on statistical data. It represents the typical lifespan of individuals in a specific population or demographic group.
Environmental protection agency (EPA)
The Environmental Protection Agency (EPA) is a government agency in the United States responsible for protecting human health and the environment. It sets and enforces regulations to address pollution, hazardous waste disposal, air and water quality, and other environmental concerns. The EPA conducts research, monitors environmental conditions, and works with businesses and communities to promote sustainable practices.
Endangered species act
The Endangered Species Act (ESA) is a U.S. law that safeguards endangered and threatened species by preventing their harm or extinction and protecting their habitats.
Spotted owl
Choker
Sustainability
Sustainability means using resources wisely so that future generations can also meet their needs.
Alternative source of energy
Wind energy
Solar energy
Hydro energy
Poverty & welfare
5 years total, 2 years consecutive
Poverty refers to a condition in which people lack the resources to meet their basic needs, such as food, shelter, and clothing. Welfare refers to government programs and services designed to assist individuals and families experiencing poverty by providing financial support, healthcare, education, and other forms of assistance.
Poverty gap
The poverty gap is the difference between how much money people living in poverty have and how much they need to meet basic needs.
Homelessness
Homelessness is the condition of not having a stable, safe, and permanent place to live.
Immigration
Immigration refers to the movement of people from one country to another with the intention of settling there permanently or temporarily.
Gentrification
Gentrification is the process of wealthier people moving into a lower-income neighborhood, often resulting in increased property values, changes in the local culture, and the displacement of long-time residents.
Glass - steagall act
The Glass-Steagall Act was a law passed in the United States in 1933 that separated commercial banking from investment banking activities to prevent conflicts of interest and reduce the risk of financial crises.
Great Recession
The Great Recession was a severe economic downturn that began in late 2007 and lasted until 2009. It was characterized by a sharp decline in economic activity, widespread job losses, and financial market turmoil, stemming from the collapse of the housing market and subsequent financial crisis.
Unemployment rate
3.7%
Worst enemy of the market
Fear
Last 3 recessions
Covid, Great Recession, 911
Inflation
Inflation is the rate at which the general level of prices for goods and services is rising, resulting in a decrease in purchasing power over time.
The cycle
Prosperity, recession, depression, growth
Laissez-faire economics
Laissez-faire economics means “hands-off” or minimal government intervention in the economy, letting markets operate freely.
Keynesian economic
Keynesian economics is an economic theory that suggests government intervention in the economy, particularly through fiscal policy (spending and taxation), can help stabilize economic fluctuations and promote full employment and economic growth.
Supply - side economics
Supply-side economics is an economic theory that emphasizes reducing taxes and regulations on businesses and individuals to stimulate economic growth. It focuses on increasing the production of goods and services, believing that this will lead to job creation and overall prosperity.
Public debt
Public debt, also known as government debt, refers to the total amount of money owed by a government to creditors. It includes money borrowed through issuing bonds, treasury bills, and other securities.
34 trillion
GDP
GDP is a measure of a country’s economic output, representing the total value of goods and services produced within its borders.
Taxes
Who is Ben bernanke
Ben Bernanke is an American economist who served as the Chairman of the Federal Reserve, the central banking system of the United States, from 2006 to 2014. He played a crucial role in responding to the 2008 financial crisis and implementing monetary policies to stabilize the economy.
