Ch 16-18 test
Medicare
A national health insurance program for the elderly and disabled
Medicaid
A federal program that provides medical benefits for low income people
Bush doctrine
A policy adopted by the Bush administration in 2001 that asserts Americas right to attack any nation that has weapons of mass destruction that may be used against US interests at home of abroad
Regulation
A precise statement of how a law is implemented
Inflation
A rise in general price level owing to an increase in the volume of money and credit in relation to available goals
Marshall plan
A stunning foreign policy success, particularly in helping the United States contain communism. Calling it "the most unsordid act in history"
Keynesian economics
An economic theory based on the principles of John Keynes stating that government spending should increase during business slumps and be curbed during booms
Trade deficits
An imbalance in international trade in which the value of imports exceeds the value of exports
World trade organization
An international organization with more than 130 members that seeks to encourage free trade by setting rules for fair competition
General agreement on tariffs and trade
An international trade agreement that seeks to lower the barriers to free trade
National security advisor
Appointed by the president, and has emerged as one of the most influential foreign policy makers, sometimes rivaling the Secretary of State in influence
Fiscal policy
Attempts to manage the economy by controlling taxing and spending, which affect inflation through lower taxes and less govt spending and unemployment through more govt spending
Address problems in the normal business cycle
Congress and the president use fiscal and monetary policy to?
National security council
Directly under the president and is intended to help integrate foreign, military, and economic policies that affect national policy
Corporate social responsibility
Efforts by corporations to improve their reputations by paying attention to their contributions to the social good.
Unemployment insurance, disaster relief, and disability programs
Examples of entitlement programs
Food stamps, head start, Medicaid, Medicare, supplemental security insurance, housing assistance
Examples of great society programs?
Medicaid and welfare
Examples of means tested programs
Corporate welfare
Favors industries such as agricultural and corporate bailouts to the financial industry
Expansion, contraction, recession, recovery
Four stages of business cycle
Raise quality of life and protect citizens against social an economic problems by creating a social net
Goals of social policy?
Monetary system
Government policy that attempts to manage the economy by controlling the amount of money in circulation through interest rates
Entitlement program
Program such as unemployment insurance, disaster relief, or disability payments that provides benefits to all eligible citizens
Social insurance
Programs in which eligibility is based on prior contributions to government, usually in the form of payroll taxes
Means tested entitlements
Programs such as Medicaid or welfare under which applicants must meet eligibility requirements based on need
Mandatory spending
Required spending under the federal budget
Laissez-faire economics
S theory that opposes governmental interference in economic affairs beyond what is necessary to protect life and property
Great society
Second major expansion of social policy. They dramatically increased the role of the federal govt in health, education, and welfare.
Normal trade relations
Trade status granted as part of an international trade policy that gives a nation the same favorable trade concessions and tariffs that the best trading partners receive
Joint chiefs of staff
Serves as the principal military advisor to the president, national security council, and the secretary of defense there's a twice-renewable two-year term of the chair
Federal fund rate
The amount of interest banks charge for loans to each other
Budget deficits
The condition that exists when the federal government raises less revenue than it spends
Earned income tax credit
The greatest contribution to helping low income workers in 1975. It reduced or completely eliminates all taxes for the working poor
Secretary of defense
The leader and chief executive officer of the department of defense, has power over the military but second to that of the president
Federal reserve system
The system created by congress in 1913 to establish banking practices and regulate currency in circulation and the amount of credit available. Consists of 12 regional banks.
Gross domestic product
The value of all goods and services produced by an economy during a specific period of time such as a year
Central Intelligence Agency
To gather and analyze information that flows into various parts of the US govt from all around the world. Most important intelligence agency.
Mutually assured destruction
Was enough to keep both nations from using their nuclear weapons, but kept each on constant alert just in case the other dared to act first. During the Cold War
Make sure the peaks of expansion and recovery aren't too high and troughs of contraction/recession aren't too low
What is the goal of economic policy today?
Northwest ordinance of 1785
When congress set aside land in every township for a public school
Down the hall in the west wing of the White House
Where are the national security councils offices located?
The president because the staff has been adapted its procedures to suit his personal preferences
Who does the national security council show loyalty to?