Ch. 18
Terms
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- Labor Injunction
- A court order forbidding specific individuals or groups from performing certain acts that the court considered harmful to the rights and property of the employer or community.
- Sales Tax
- General tax on sales transactions, sometimes exempting food and drugs.
- Policy Agenda
- The informal list of issues that Congress and the president consider most important for action.
- National Debt
- Total amount of money the federal government has borrowed to finance deficit spending.
- Redistributive Policy
- A type of policy that takes benefit from one group and gives them to another group through taxing.
- Policy Making Alliances
- 1) Iron Triangle, 2) Issue Networks
- Public Policy
- A specific course of action taken by government to achieve a public goal.
- Regressive Tax
- A tax whereby people with lower incomes pay a higher fraction of their incomes then people with higher incomes.
- Monetarism
- A theory that government should control the money supply to encourage economic growth and restrain inflation.
- Value-Aded Tax (VAT)
- Tax on increased value of a product at each stage of production and distribution rather than just at the point of sale.
- Rule
- Precise legal definition of how government will implement policy.
- World Trade Organization (WTO)
- International organization derived from the General Agreement on Tariffs and Trade that promotes free trade world-wide.
- Tax Expenditure
- Loss of tax revenue due to federal laws that provide special tax incentives to individuals or business.
- Protectionism
- Policy of erecting trade barriers to protect domestic industry.
- Excise Tax
- Consumer tax on a specific kind of merchandise (such as tobacco)
- Iron Triangle
- A policy-making alliance that involves very strong ties among the congressional committee, an interest group, and a federal department.
- Progressive Tax
- A tax graduated so that people with higher incomes pay more.
- Issue Networks
- A policy-making alliance among loosely connected participants that comes together on a particular issue then disbands.
- Offshoring
- Practice of exporting US jobs to lower-paid employees overseas.
- Norther American Free Trade Agreement (NAFTA)
- Agreement signed by US, Canada, and Mexico to form the largest free trade zone.
- Environmental Impact Statement
- A statement required by federal law from all agencies for any project using federal funds to assess the potential effect of the new development to the environment.
- General Agreement on Tariffs and Tarde (GATT)
- International trade organization with more than 130 members that seeks to encourage free trade by lowering trade restrictions and tariffs.
- Deregulation
- A policy promoting cutbacks in the amount of federal regulation in specific areas of economic activity.
- Social Insurance
- Programs in which eligibility is based on prior contributions to government, usually in the form of payroll taxes.
- Distributive Policy
- Type of policy that provides benefits to all Americans.
- Collective Bargaining
- Method whereby representatives of the union and employer determine wages, holders, and other conditions through negotiation.
- Monetary Policy
- Government policy that attempts to manage the economy by controlling the money supply and thus interest rates.
- Trade Deficit
- An imbalance in international trade in which the value of imports is more than the value of exports.
- Tariff
- Tax levied on imports to help protect industries.
- Congressional Budget Office
- An agency of Congress that analyzed presidential budget recommendations and estimates the costs of proposed legislation.
- Fiscal Policy
- Government policy that attempts to manage the economy by controlling taxing and spending.
- Federal Reserve System
- System created by Congress in 1913 to establish banking practices and regulate currency in circulation and the amount of credit available.