front 1 Political Ideology | back 1 A set of Beliefs about the desired goals and outcomes of a process of governance. |
front 2 Conservatism | back 2 An ideology favoring more control of social behavior, fewer regulations on businesses, and less government interference in the economy. |
front 3 Liberalism | back 3 An ideology favoring less government control over social behavior and more greater regulation of business and of the economy. |
front 4 Libertarianism | back 4 An ideology favoring very little government regulation and intervention beyond protecting private property and individual liberty. |
front 5 Laissez-Faire Economy | back 5 Economic policy in which governments intrude as little as possible in the economic transaction between citizens and businesses. |
front 6 Command-and-Control Economy | back 6 Economic policy in which government dictates much of a nation's economic activity, including the amount of production and price for goods. |
front 7 Mixed Economy | back 7 Economic policy in which many economic decisions are left to individuals and businesses, with the government regulating economic activity. |
front 8 GDP | back 8 The total value of goods and services produced by an economy. |
front 9 Economic Recession | back 9 A period of decline in economic activity, typically defined by two consecutive quarters of negative GDP growth. |
front 10 CPI | back 10 The cost of a fixed basket of goods and services over time, used to measure the cost of living. |
front 11 Business Cycle | back 11 The natural economic activity of ups and downs. |
front 12 Keynesianism | back 12 An economic theory that government intervention can stabilize an economy by managing aggregate demand. |
front 13 Supply-side Theory | back 13 An economic approach that believes growth is best achieved by reducing barriers for producers, which increases the supply of goods and services. |
front 14 Fiscal Policy | back 14 Government use of taxes and spending to attempt to lower unemployment, support economic growth and stabilize the economy. |
front 15 Federal Reserve System | back 15 A board of governors, federal reserve banks, and member banks responsible for monetary policy. |
front 16 Monetary Policy | back 16 A set of economic policy tools designed to regulate the amount of money in the economy. |
front 17 Medicare | back 17 A federal program that provides health insurance to seniors and the disabled. |
front 18 Medicaid | back 18 A federal program that provides health care for the poor. |
front 19 Affordable Care Act | back 19 A US law from 2010 that expands health insurance coverage, making it more affordable and accessible for millions of people. |
front 20 Voucher Programs | back 20 A government that provides a certain amount of public money to eligible individuals, typically in the form of a coupon or credit. |