Shared Flashcard Set

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Public Policy/Econ Policy
N/A
31
Other
Not Applicable
04/09/2009

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Cards

Term
Social Welfare Policy
Definition
Government programs designed to improve quality of life
Term
Public Policy
Definition
An intentional course of action followied by government in dealing with some problem or matter of concern
Term
Agenda
Definition
a set of issues to be discussed or given attention
Term
Systematic Agenda
Definition
All public issues that are viewed as requiring governmental attention; a discussion agenda
Term
Governemntal Agenda
Definition
The changing list of issues to which governments believe they should address themselves
Term
Policy Formation
Definition
The crafting of appropriate and acceptable proposed courses of action to resolve public problems
Term
Policy Adoption
Definition
The approval of a policy proposal by the people with the requisite authority
Term
Agenda Setting
Definition
The constant process of forming the list of issues to be addressed by government
Term
Policy Implementation
Definition
The process of carrying out public policy through governmental agencies and the courts
Term
Policy Evaluation
Definition
The process of determining whether a course of action is achieving its intended goals
Term
Social Security Act
Definition
1935 law that established old-age insurance, unemployment insurance, and assistane fo the needy
Term
Non-means-based Program
Definition
Programs such as Social Security where benefits are provided irrespective of the income or means of recipients
Term
Means-Tested Program
Definition
Income security program intended to assist those whose income falls below a designated level
Term
Entitlement Program
Definition
income security program to which all those meeting eligilibity criteria are entitled
Term
Medicare
Definition
Federal program established in Lyndon Johnson's administration that provides medical care to elderly Social Security recipients
Term
Medicaid
Definition
Expansion of Medicare, provides subsidized health care for the poor
Term
Business Cycles
Definition
Fluctuation beetween expansion and recession that is a part of modern capitalist economics
Term
Laissez-faire
Definition
Hands-off governmental economic policy that is based on belief that governmental involvment in the economy is wrong
Term
Interventionist state
Definition
Governmental economic policy where the government takes an active role in guiding and managing the economy
Term
Economic Regulation
Definition
Government regulation of business practices, industry rates, routes or areas serviced by particular industries
Term
Social Regulation
Definition
Government regulation of the quality and safety of products as well as the condition under which the goods are produced
Term
Economic Stability
Definition
A situation in which there is economic growth, rising national income, high employment, and steadiness in the general level of prices
Term
Inflation
Definition
A rise in the general level of prices
Term
Recession
Definition
A short term decline the economy that occurs as investment, production, and employment drop
Term
Monetary Policy
Definition
A form of government regulation in which the nation's money supply and interest rates are controlled
Term
Federal Reserve Board
Definition
A seven member board that sets member banks' reserve requirements, controls the discount rate, and makes other economic decisions
Term
Reserve Requirements
Definition
Government requirements that a portion of member banks' deposits must be retains to back loans made
Term
Discount Rate
Definition
The rate of interest at which member banks can borrow money from the Federal Reserve Bank
Term
Open Market Operations
Definition
The buying and selling of government securities by the Federal Reserve Bank in the securities market
Term
Fiscal Policy
Definition
Government policies on taxes, spending, and debt managment, intended to promote the nation's macroeconomic goals
Term
Gross Domestic Product
Definition
The total market value of all goods and services produces in a country during a year
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