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Chp. 17-20 Vocabulary


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consumer price index
the key measure of inflation that relates the rise in prices over time
multinational corporations
Businesses with vast holdings in many countries- such as Microsoft, Coca-cola, and McDonald's- amny o which have annual budgets exceeding that of many foregin governments
Taft-Hartley Act
A 1947 law giving the president power to halt major strikes by seeking a court injunction and permitting states to forbid requirements in labor contracts that force workers to join a union
United nations
created in 1945 an organization whose members agree to renounce war and to respect certain human and economic freedoms.
income distributions
the "shares" of the national income earned by various groups
means-tested programs
Government programs available only to individuals below a poverty line
transfer payments
Benefits given by the government directly to individuals. transfer payments may be either cash transfers, such as Social Security payments to former and retirement payments to former government employees, or in-kind transfersm, such as food stamps and low-interest loans for college education
regressive tax
A tax in which the burden falls relativley more heavily upon low-income groups than upon wealthy taxpayers. Teh opposite of a progressive tax, in which tax rates increase as income increases
entitlement programs
Government benefits that certain qualified individuals are entitles to by law, regardless of need
a public assistance program designed to provide health care for poor Americans. Medicaid is funded by both the states and the government.
a foreign policy course followed throughout most of our nations history; whereby the US has tried to stay out of other nations' conflicts, particualrly european wars.
secratary of state
the head of the Department of state and traditionally a key adviser to the president on foreign policy
National Labor Relations Act
A 1935 law, also known as the Wagner Act, that guarantees workers the right of collective bargaining sets down rules to protect unions and organizers, and created the National Labor Relations Board to regulate labor-managment relations.
Social Securtiy Trust Fund
The "bank account" into which Social Security contributions are "deposited" and used to pay out eligible recipients
Collective bargaining
Negotiations between representatives of labor unions and managment to determine pay and acceptable working conditions
Central Intelligence Agency
an agency created after World War 2 to coordinate American intelligence activities abroad, conspiracy, and meddling as well.
patients bill of rights
a controversial proposal before congress that would give patients certain rights against meidical providers, particularly HMO's including the right to sue them.
Food and Drug Administration
The federal agency formed in 1913 and assigned the task of approving all food products and drugs sold in the United States. All drugs, with the exception of tobacco, must have FDA authorization
National Environmental Policy Act
the law passed in 1969 that is teh centeriece of federal environmental policy in the United States. THe MEPA established the requirements for environmental impact statements.
proportional tax
A tax by which the government takes the same share of income from everyone, rich and poor alike
health maintenace organization
organization contracted by individuals or insurance companies to provide health care for a yearly fee. Such network health plans limit the choice of doctors and treatments.
European Union
an alliance of the major Western European Nations that coordinates monetary, trade, immigration adn labor policies making its members one econmonic unit.
mutual dependancy in which the actions of nations reverberate and affect one anothers economic lifelines.
Fiscal policy
The policy that describes the impact of the federal budget- taxes, spending, and borrowing- on the economy. Fiscal policy is almost entirely determined by Congress and the president, who are the budget makers
Temporary Assistance for Needy Families
Once called "Aid to Families With Dependent Children"the new name for public assistance to needy families
national health insurance
A compulsort insurance program for all Americans that would have the government fianance citizens medical care. First proposed by President Harry S. Truman, the plan was soundly opposed by the American Medical Association.
antitrust policy
A policy desinged to ensure competiton and prevent monopoly, which is the control of a market by one company
Environmental impact statement
a report required by the National Environmental Policy Act that specifies the likely environmental impact of a proposed action. NEPA requires that whenever any agenzy propses to undertake a policy that impacts the environment, the agency must file a statement with EPA.
Personal Responsibility and Work Opportunity Reconciliation Act
The official name of the "welfare reform" law of 1996
strategic degense initiative
renamed "star wars" by critics, a plan for defense against the soviet union unveiled by President Reagan in 1983. SDI would create a global umbrella in space, using computers to scan the skies and high-tech devices to destroy invading missiles.
progressive tax
A tax by which which the government takes a greater share of the income of the rich than of the poor
feminization of poverty
The increasing concentration of poverty among women, especially unmarried women and their children
containment doctrine
a foreign policy strategy advocated by George Kennan that called for the United States to isolate the Soviet Union, "contain" its advances, and resist its enroachments by peaceful means if possible, but by force if neccesary.
An economic theory holding that the supply of money is the key to a nation's economic helath. Monetarists believe that too much cash and credit in circulation produces inflation
balance of trade
the ratio of what is paid for imports to what is earned from exports. When more is imported than exported, there is a balance-of-trade defecit.
The amount of funds collected between any two points in time
social welfare policies
Poicies that provide benefits to individuals, either through entitlements or means-testing
a fund created by congress in 1980 to clean up hazardous waste sites.
water pollution control act of 1972
A law intended to clean up the nations rivers and lakes. It requires municipal, industrial, and other polluters to use pollution control technology and secure permits from the EPA for discharging waste products into waters.
Keynesian economic theory
the theory emphasizing that government spending and deficits can help the economy weather its normal ups and downs. Proponents of this theory advocate using the power of government to stimulate the economy when its lagging
An economic system in which individuals and corporations, not the government, own the principal means of production and seek profits
Joint Chiefs of staff
the commanding officers of the armed services who services who advise the president on military policy.
North Atlantic Treaty Organization
created in 1949 organization whose members include the US, Canada, most western european nations and turkey all of whom agreedd to combine military forces and to treat a war against one as a war against one as a war against all.
supply-side economics
An economic theory advocated by President Regan holding that too much income goes to taxes so too little money is aailable for purchasing, and the solution is to cut taxes and return purchasing power to consumers
clean air act of 1970
the law that changed the department of Transportation with the responsibility to reduce autmobile emissions.
right-to-work law
A state law forbiding requirements that workers must join a union to hold their jobs. The Taft Hartley Act of 1947 specifically permitted state right-to-work laws
Engangered Species act of 1973
this law requires that federal government to protect actively each of the hundreds of species listed as engangered regardless of the economic effect on the surronding towns or region.
the value of assets owned
poverty line
A method used to count the number of poor people, it considers what a family must spend for an "austere" standard of living
a slow transformation from conflict thinking to cooperative thinking in foreign policy strategy and policymaking. It sought a relaxation of tensions between the superpowers, coupled with firm guarantees of mutual security.
Earned Income Tax Credit
A "negative income tax" that provides incomes to very poor individuals in lieu of charging them federal income taxes
organization of Petroleum exporting countries
an economic organization consisting primarily of Arab nations that controls the price of oil and the amount of oil its members produce and sell to other nations.
mixed economy
An economic system in which the government is deeply involved in economic desicions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower
arms race
a tense relationship beginning in the 1950's between the soviet union and US wherby one sides goad to procure more weaponry and so on.
monetary policy
Based on monetarism, monetary policy is th manipulation of the supply of money in private hands by which the government can control economy
Securities and Exchange Commission
The federal agency created duirng the New Deal that regulates stock fraud
Federal Reserve System
The main instrument fr making monetary policy in thte United States It was created by Congress in 1913 to regulate the lending practices of banks and thus the money supply
the prinicple that government should not meddle in the economy
Environmental Protection Agency
an agency of teh federal government created in 1970 and charged with administering all the governments environmental legislation. It also administers policies dearling with toxic wastes.
The fear, prevelant in the 1950's, that international communism was conspiratol, insidious, bent on world domination adn infiltration american government and cultural institutions.
secretary of defense
The head of the department of defense and the presidents key adviser on military policy; a key foreign policy actor.
cold war
war by other than military means usually emphasizing ideological conflict, such as that between the US and the Soviet Union from the end of WW2 until the 1990's.
Social Security Act of 1935
Created both the Social Security program and a national assistance programs for poor children, usually called "AFDC"
unemployment rate
As measure by the Bureau of Labor Statistics (BLS), the proportion of the labor force actively seeking work but inable to find jobs
the rise in prices for consumer goods

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