Public Policy (ch.15) Flashcards
Public policy
Simply what the GOVERNMENT chooses to do and not do
Entitlements
Programs promising aid without time limit to anyone who qualifies
Welfare
Term characterizing the wide of variety of social programs developed during the new deal to help the poor unemployed, disabled, & elderly
Fiscal policy
Taxing and spending policies prescribed by congress and the president
Recession
Period of the business cycle characterized by high levels of unemployment & reduced demand
Inflation
A rise in prices that occurs when the demand for goods and services outstrips the supply (govt must slow down AD
Supple side economics
President Ronald Reagan team of economists called for the government to concentrate on factors that increase aggregate supply
Monetary policy
Control of economic growth through management of the money supply by the federal reserve
Cap & trade
Market based system of pollution control whereby individual business can buy & sell emission credits even while the total level of industry Pollution is capped at some level
DOMESTIC POLICY
Helping The Poor
- Welfare Reform
- Welfare and Income Inequality
- Health Care and Poverty
Entitlements
programs promising aid without time limit to anyone who qualifies
Welfare
characterizing the wide variety of social programs developed during the New Deal to help the poor, unemployed, disabled, and elderly.
Fiscal Policy
, taxing and spending policies prescribed by Congress and the president
Recession
, period of the business cycle characterized by high levels of unemployment.
Inflation
economic condition in which the supply of money overwhelms the capacity to produce, creating rising prices.
