16.7: Key Terms
- Page ID
- 153939
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)- bottom-up implementation
- a strategy in which the federal government allows local areas some flexibility to meet their specific challenges and needs in implementing policy
- Congressional Budget Office
- the congressional office that scores the spending or revenue impact of all proposed legislation to assess its net effect on the budget
- debt
- the total amount the government owes across all years
- deficit
- the annual amount by which expenditures are greater than revenues
- discretionary spending
- government spending that Congress must pass legislation to authorize each year
- distributive policy
- a policy that collect payments or resources broadly but concentrates direct benefits on relatively few
- entitlement
- a program that guarantees benefits to members of a specific group or segment of the population
- excise taxes
- taxes applied to specific goods or services as a source of revenue
- free-market economics
- a school of thought that believes the forces of supply and demand, working without any government intervention, are the most effective way for markets to operate
- Keynesian economics
- an economic policy based on the idea that economic growth is closely tied to the ability of individuals to consume goods
- laissez-faire
- an economic policy that assumes the key to economic growth and development is for the government to allow private markets to operate efficiently without interference
- libertarians
- people who believe that government almost always operates less efficiently than the private sector and that its actions should be kept to a minimum
- mandatory spending
- government spending earmarked for entitlement programs guaranteeing support to those who meet certain qualifications
- Medicaid
- a health insurance program for low-income citizens
- Medicare
- an entitlement health insurance program for older people and retirees who no longer get health insurance through their work
- policy advocates
- people who actively work to propose or maintain public policy
- policy analysts
- people who identify all possible choices available to a decision maker and assess the potential impact of each
- progressive tax
- a tax that tends to increase the effective tax rate as the wealth or income of the tax payer increases
- public policy
- the broad strategy government uses to do its job; the relatively stable set of purposive governmental behaviors that address matters of concern to some part of society
- recession
- a temporary contraction of the economy in which there is no economic growth for two consecutive quarters
- redistributive policy
- a policy in which costs are born by a relatively small number of groups or individuals, but benefits are expected to be enjoyed by a different group in society
- regressive tax
- a tax applied at a lower overall rate as individuals’ income rises
- regulatory policy
- a policy that regulates companies and organizations in a way that protects the public
- safety net
- a way to provide for members of society experiencing economic hardship
- Social Security
- a social welfare policy for people who no longer receive an income from employment
- supply-side economics
- an economic policy that assumes economic growth is largely a function of a country’s productive capacity
- top-down implementation
- a strategy in which the federal government dictates the specifics of public policy and each state implements it the same exact way