TERM u3 Flashcards
Inflation
A consistent increase in the price levels
GDP
The total value of goods and services produced within a country
Monetary policy
The regulation of the economy through the manipulation of the money supply
Budget Defiict
The amount by which government spending exceeds government revenue in a fiscal year
Isolationism
The desire to avoid involvement in the affairs of other nations
Containment
A policy designed to limit the political and military expansion of a hostile power
NATO
An organization made up of the United States, Canada, and Western Europe to address the perceived threat from the soviet union
Diplomacy
The representation of a government to other governments
Entitlement Program
A social program that guarantees benefits to a category of people as defined by law
Medicare
Federally run health insurance for the elderly and the disabled
