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20 Cards in this Set
- Front
- Back
Public plans or courses of action that concern internal issues of national importance, such as poverty, crime, and the environment
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Domestic Policy
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A federal health-insurance program that covers U.S. residents over the age of sixty-five. The costs are met by a tax on wages and salaries.
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Medicare
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A joint state-federal program that provides medical care to the poor. The program is funded out of general government revenues.
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Medicaid
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A plan to provide universal health insurance under which the government provides basic health-care coverage to all citizens. In most such plans, the program is funded by taxes on wages or salaries.
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National Health Insurance
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A plan under which one entity has a monopoly on issuing a particular type of insurance. Typically, the entity is the government, and the insurance is basic health coverage.
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Single-Payer Plan
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A transfer of income from some individuals in the economy to other individuals. This is generally done by government action.
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Income Transfer
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A good or service - such as food stamps, housing, or medical care - provided by the government to low-income groups.
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In-Kind Subsidy
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A state-administered program in which grants from the national government are used to provide welfare benefits.
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Temporary Assistance to Needy Families (TANF)
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A federal program established to provide assistance to elderly persons and persons with disabilities
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Supplemental Security Income (SSI)
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Benefits issued by the federal government to low-income individuals to be used for the purchase of food; originally provided as coupons but now typically provided electronically through a card similar to a debit card
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Food Stamps
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A government program that helps low-income workers by giving back part or all of their Social Security taxes
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Earned-Income Tax Credit (EITC) Program
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The number of persons held in jail or prison for every 100,000 persons in a particular population group
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Incarceration Rate
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A report that must show the costs and benefits of major federal actions that could significantly affect the quality of the environment.
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Environmental Impact Statement (EIS)
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A sustained rise in the general price level of foods and services.
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Inflation
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Two or more successive quarters in which the economy shrinks instead of grows
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Recession
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The inability of those who are in the labor force to find a job; defined as the total number of those in the labor force actively looking for a job but unable to find one
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Unemployment
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An arbitrary level of unemployment that corresponds to "normal" friction in the labor market. In 1986, a 6.5 percent rate of unemployment was considered full employment. Today, it is assumed to be around 5 percent.
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Full Employment
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A measure of the change in price over time of a specific group of goods and services used by the average household
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Consumer Price Index (CPI)
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The federal government"s use of taxation and spending policies to affect overall business activity
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Fiscal Policy
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A school of economic thought that tends to favor active federal government policymaking to stabilize economy-wide fluctuations, usually by implementing discretionary fiscal policy
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Keynesian Economics
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