Chapter 15 Flashcards - Alexander Johnson
Affordable Care Act (ACA)
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
The “ability of the news media to influence the importance placed on the topics of the public agenda”. With agenda setting being a social science theory, it also attempts to make predictions.
Board of Governors
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
Occurs when an individual, business or government budgets more spending than there is revenue available to pay for the spending, over a specific period of time. Debt is the aggregate value of deficits accumulated over time.
charter school
A school that receives government funding but operates independently of the established state school system in which it is located. Charter schools are an example of public asset privatization.
Common Core
An educational initiative from 2010 that details what K–12 students throughout the United States should know in English language arts and mathematics at the conclusion of each school grade.
Department of Health and Human Services
A cabinet-level department of the U.S. federal government with the goal of protecting the health of all Americans and providing essential human services.
depression
A severe and long lasting decline in the economy that occurs as investment sags, production falls off, and unemployment increases.
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.
entitlement programs
A government program that guarantees certain benefits to a particular group or segment of the population.
Federal Reserve System
The central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises.
fiscal policy
The use of government revenue collection and expenditure to influence the economy. According to Keynesian economics, when the government changes the levels of taxation and government spending, it influences aggregate demand and the level of economic activity.
governmental (institutional) agenda
A list of subjects or problems to which government officials as well as individuals outside the government are paying serious attention at any given time. … Although the media does often have an effect on the political agenda, these results are not always immediate.
gross domestic product (GDP)
A monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly.
inflation
A general increase in prices and fall in the purchasing value of money.
Keynesian economics
The various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand.
laissez-faire
An economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.
means-tested programs
A determination of whether an individual or family is eligible for government assistance, based upon whether the individual or family possesses the means to do without that help.
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. Medicaid is a joint program, funded primarily by the federal government and run at the state level, where coverage may vary.
Medicare
Medicare is a federal program that provides health coverage if you are 65 and older or have a severe disability, no matter your income.
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 debt, or unpaid borrowed funds, carried by the federal government of the United States, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other federal government agencies.
No Child Left Behind (NCLB)
A U.S. Act of Congress that reauthorized the Elementary and Secondary Education Act; it included Title I provisions applying to disadvantaged students.
