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| A public policy such as Social Security that provides benefits to all groups in society. |
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| A specific course of action that government takes to address a problem. |
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| A policy that provides to one group of society while taking away benefits for another through policy tools such as tax increases to pay for job training. |
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| policy that takes away exactly as much in benefits as another group gains. |
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| A decision not to move ahead with the policy process. In short, it is a decision not to decide. |
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| The list of issues that the federal government pays attention to. |
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| A nongovernmental organization that seeks to influence public policy through research and education. |
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| The movement of public opinion toward public policy from initial enthusiasm for action to realization of costs and a decline in interest. |
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| Small adjustments to existing policies. |
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| Radical changes to public policy that occur only after the mobilization of large segments of society to demand action. |
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| A policy making instrument composed of a tightly rlated alliance of a congressional committee, interest groups, and federal department or agency. |
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| A policy making instrument composed of loosely related interest groups, congressional committee, presidential aides and other parties. |
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| a policy that encourages or discourages certain behavior by imposing a legally-binding rule |
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| a precise statement of how a law is implemented |
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| government policy that attempts to manage the economy by controlling taxing and spending |
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| government policy that attempts to manage the economy by controlling the money supply and thus interest rates |
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| a rise in general price level (and decrease in the dollar value) owing to an increase in volume of money and credit in relation to available goods |
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| the number of Americans who are out of work but actively looking for a job. The number does not usually include those who are not looking. |
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| a combination of economic slowdown (stagnation) and a rise in in prices (inflation) |
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| gross domestic product (GDP) |
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| the value of all goods and services produced by an economy during a specific period of time, such as a year |
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| a consumer tax on a specific kind of merchandise, such as tobacco |
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| the condition that exists when the federal government raises less revenue than it spends |
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| a tax levied on imports to product a nation's industries, labor or farmers from foreign competition. It can also be used to raise additional revenue. |
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| a tax graduated so that people with higher incomes pay a larger fraction of their income than people with lower incomes |
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| a tax whereby people with lower incomes pay a higher fraction of their income than people with higher incomes |
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| the total amount of money the federal government has borrowed to finance deficit spending over the years. |
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| congressional budget office (CBO) |
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| an agency of congress that analyses presidential budget recommendations and estimates the cost of proposed legislation |
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| a loss of tax revenue due to federal laws that provide special tax incentives or benefits to individuals or businesses |
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| a general tax on sales transactions, sometimes exempting such items as food and drugs |
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| a tax on increased value of a product at each stage of production and distribution rather than just at the point of sale |
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| federal reserve system (The Fed) |
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| the system created by Congress in 1913 to establish banking practices and regulate currency in circulation and the amount of credit available. I consists of 12 regional banks supervised by the Board of Governors. |
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| the amount of interest banks charge for loans to each other |
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| a theory that opposes governmental interference in economic affairs beyond what is necessary to protect life and property |
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| an economic theory based on the principals of John Maynard Keynes stating that government spending should increase during business slumps and be curbed during booms |
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| a policy of erecting trade barriers to protect domestic industry |
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| an imbalance in international trade in which the value of imports exceeds the value of exports |
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| World Trade Organization (WTO) |
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| an international organization derived from the General Agreement on Tariffs and Trade (GATT) that promotes free trade around the world |
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| GATT (General Agreement on Tariffs and Trade) |
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| an international trade organization with more than 130 members that seeks to encourage free trade by lowering tariffs and other trade restrictions |
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| North American Free Trade Agreement (NAFTA) |
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| an agreement signed by the United States, Mexico and Canada in 1992 to form the largest free trade zone in the world |
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| domination of an industry by a single company; also the company that dominates the industry |
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| federal laws (starting with the Sherman Antitrust Act of 1890) that try to prevent a monopoly from dominating an industry and restraining trade |
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| a monopoly that controls goods and services, often in combinations that reduce competition |
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| a company with a labor agreement under which union membership is a condition of employement |
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| a company in which new employees must join a union within a stated time period |
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| a court order forbidding specific individuals or groups from performing certain acts (such as striking) that the court considers harmful to the rights and property of an employer or community |
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| a method whereby representative of the union and employer determine wages, hours, and other conditions of employment through direct negotiation |
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| environmental impact statement (EIS) |
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| a statement required by federal law from all agencies for any project using federal funds to assess the potential effect of the new construction or development on the environment |
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| a policy promoting cutbacks in the amount of federal regulation in specific areas of economic activity |
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| programs such as unemployment insurance, disaster relief, or disability payments that provide benefits to all eligible citizens |
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| means-tested entitlements |
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| programs such as medicaid and welfare under which applicants must meet eligibility requirements based on need |
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| aid to the poor (welfare) |
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| the many programs that the federal government provides to protect Americans against economic and social misfortune |
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| programs in which eligibility is based on prior contributions to government, usually in the form of payroll taxes |
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| a combination of entitlement programs, paid for by employer and employee taxes, that includes retirement benefits, health insurance and support for disabled workers and the children of deceased or disabled workers |
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| a national health insurance program for the elderly and disabled |
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| a federal program that provides medical benefits for low income people |
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