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16.7: Key Terms

  • Page ID
    153939
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    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

    16.7: Key Terms is shared under a not declared license and was authored, remixed, and/or curated by LibreTexts.

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