Gov't chap 21
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22 terms
Terms | Definitions |
|---|---|
 Mixed economy | combination of market and command economies |
| Market economy | economy controlled by individuals, no government intervention, regulated by competition |
| Command economy | government controls economy |
| Examples of government programs in our economy are | minimum wages, social security, medicare, medicaid |
| NAFTA North American Free Trade Agreement | elimination of trade barriers. Reduces prices for consumers but pushes cheap manufacturing out of the country |
| Laissez-Faire | government should stay out of economy and allow the invisible hand of competition to regulate (leave it alone) |
| Monopoly- | business that controls an entire industry. |
| Late 20th century laws | deregulating of business and an end to public employees right to collective bargain |
| Medicare | health care, for those sixty five and older. taxed at 1.45%. |
| Medicaid | health care for the low income. |
| No child left behind(2OO1) | attempted to bridge the education gap No child left behind(2OO1)attempted between segments of society such as by wealth/class. Has resulted in an over reliance on tests and a lowering of standards. |
| National Debt | total amount government owes-15.2 trillion and growing every day |
| Deficit | yearly budget shortfall; annual deficit is 1.2(4) Trillion |
| Monetary policy | -control of supply of money by the federal reserve, primarily through raising and lowering interest rates |
| Fiscal policy | changes in government spending and taxation |
| Top five expenditures of national government | are defense, social security, medicare, medicaid, and interest on the debt |
| Medicare is going bankrupt because | -baby boomers retiring -the high cost of health care -old people are living longer |
| CBO Congressional Budget Office | providing economic data to members of the House of Senate |
| No child left behind (2001) why good? | attempted to bridge the education gap between segments of society wealth/class.Accountability |
| No child left behind (2001) why bad? | over reliance on tests and lowers standards |
| Social security created in 1935 to | to provides pensions for old people |
| social security is going bankrupt because | -baby boomers retiring -longer life expectency -spent trust funds -tough to raise taxes -tough to cut C.O.L.A. |
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