Policy Flashcards
cost
what you give up in order to gain something else
benefit
value gained from something
Client Politics
small group benefits, big group costs
Entrepreneurial Politics
big group benefit, small group cost
Majoritarian Politics
big group costs, big group benefits
Interest Group Politics
small group benefits, small group costs
Policy Entrepreneur
policy to benefit individual/group for own gain
Public Policy
policy that affects large majority of the public
Perception
the way individuals view policy
General Process Order
- Agenda
- Formulation
- Adoption
- Budgeting
- Implementation
- Evaluation
agenda
identify issue
formulation
make policy to agrees issue
adoption
choosing solution and making it official
budgeting
money allocated for carrying out policy
implementation
putting policy in action
evaluation
check is its working, making changes as needed
Why Economic Policy is important
affects everything else/everybody, holds value in elections
President Economic Role
assigns board of governors/FED
Secretary of Treasury
economic advisor, maintains treasury
OMB
office of management and budget
CBO
congressional budget office, congress info on economy
CEA
counsel of economic advisors, advise an economic international policy
Congress Economic Role
senate approves FED, taxes, interstate commerce
Chairman of the FED
most power in economy, regulates banks
FED
control IR and money supply
TARP
trouble asset relief program, 2008 recession, gov buying securities
American Recovery and Reinvestment Act
stimulate economy during Great Recession
Monetary Response of 2008
lowered federal funds rate, Lower IR
Gramm-Rudman-Hollings Act
cut federal budget deficit, 1985
Congressional Budget and Impoundment Act of 1974
establish budget, deciding process
Dodd-Frank Act
limits risk taking and exploration of consumers
GDP
gross domestic output, total output
GNP
gross national product, total output including foreign investment
CPI
consumer price index, total market basket
Inflation
price increase
Recession
price decrease, decrease in output
Fiscal Policy
gov spending/taxes