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Economics 380

Terms

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Employment System
Intended to take care of able-bodied individuals with adequate skills. Various policies overlay private employment system (ie education and training programs, fair labor standard acts.
Social Insurance
Intended to replace the lost earning of those who normally earn income. Goes hand in hand with reason for lost earnings.
Welfare system
For all household without able-bodied head. Social insurance is often viewed as inadequate.
Statutory Programs
Legally mandated, and most employers and worker must participate and contribute to them.
Voluntary Programs
set up by employers without any mandate from government (although private health and pension programs are regulated by gov't in various ways)
largest goverment program
Social Security and Old age Survivors
second and third
Private health
Pension
fourth and fifth
Medicare
Medicaid
6 and 8
Unemployment insurance
Workers comp
Last
AFDC/TANF

Deck Info

10

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