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Economic and Social
Chapter 16
| Question | Answer |
|---|---|
| social welfare policies | Policies that provide benefits, cash or in-kind, to individuals, based on either entitlement or means testing. |
| unemployment rate | the percentage of the labor force that is unemployed |
| Underemployment rate | As measured by the Bureau of Labor Statistics, a statistic that includes (1) people who aren't working and are actively seeking a job, (2) those who would like to work but have given up looking, and (3) those who are working part-time because they cannot |
| Inflation | A continuous rise in the price of goods and services |
| Consumer Price Index (CPI) | a measure of the overall cost of the goods and services bought by a typical consumer |
| Laissez-faire | Idea that government should play as small a role as possible in economic affairs. |
| monetary policy | an economic theory holding that the supply of money is the key to a nation's economic health, with too much cash and credit in circulation producing inflation. |
| Federal Reserve System | The country's central banking system, which is responsible for the nation's monetary policy by regulating the supply of money and interest rates |
| fiscal policy | the use of government spending and revenue collection to influence the economy, along with monetary policy a tool the government can use to steer the economy. Fiscal policy is almost entirely determined by Congress and the president. |
| Keynesian economic theory | the theory emphasizing that government spending and deficits can help the economy deal with its ups and downs. Proponents of this theory advocate using the power of government to stimulate the economy when it is lagging. |
| supply-side economics | An economic theory, first applied during the Reagan administration, holding that the key task for fiscal policy is to stimulate the supply of goods, as by cutting tax rates. |
| entitlement programs | government programs providing benefits to qualified individuals regardless of need |
| means-tested programs | government programs providing benefits only to individuals who qualify based on specific needs |
| income distribution | The way the national income is divided into "shares" ranging from the poor to the rich. |
| relative deprivation | A perception by an individual that he or she is not doing well economically in comparison to others |
| income | money received, especially on a regular basis, for work or through investments. |
| wealth | the value of assets owned |
| poverty line | A method used to count the number of poor people, it considers what a family must spend for an "austere" standard of living. |
| feminization of poverty | The increasing concentration of poverty among women, especially unmarried women and their children |
| progressive tax | A tax by which the government takes a greater share of the income of the rich than of the poor. |
| proportional tax | A tax by which the government takes the same share of income from everyone, rich and poor alike. |
| regressive tax | A tax in which the burden falls relatively more heavily on low-income groups than on wealthy taxpayers. The opposite of a progressive tax, in which tax rates increase as income increases. |
| Earned Income Tax Credit | Also known as the EITC, a refundable federal income tax credit for low- to moderate-income working individuals and families, even if they did not earn enough money to be required to file a tax return. |
| transfer payments | Benefits given by the government directly to individuals. May be either cash transfers, such as Social Security payments and retirement payments or in-kind transfers, such as food stamps and low-interest loans for college education. |
| Social Security Act of 1935 | Created both the Social Security Program and a national assistance program for poor children, usually called AFDC. |
| Personal Responsibility and Work Opportunity Reconciliation Act | the welfare reform law of 1996, which implemented the Temporary Assistance for Needy Families program. |
| Temporary Assistance for Needy Families (TANF) | Once called "Aid to Families with Dependent Children," the new name for public assistance to needy families. Requires people on welfare to find work within tow years and sets a lifetime maximum of five years. |
| Social Security Trust Fund | The "account" into which Social Security employee and employer contributions are "deposited" and used to pay out eligible recipients |
Created by:
Mrs. Kaminski
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