AP GOV WEEK 4 Flashcards

14802902201	Agenda	A list of potential policy ideas, bills, or plans to improve society	0
14802902202	Bonds	Securities or government IOUS	1
14802902203	Discount rate	Interest rate at which the government loans actual dollars to commercial banks	2
14802902204	Entitlements	Include Social Security, Medicare, Medicaid, block grants, financial aid, food stamps, money owed on bonds, and the government's other contractual obligations	3
14802902205	Federal Reserve Board	Called the "The Fed", sets monetary policy by buying and selling securities or bonds, regulating money reserves required at commercial banks, and setting interest rates	4
14802902206	Fiscal policy	Part of economic policy that is concerned with government spending and taxation	5
14802902207	Flat tax	Taxes citizens at the same rate	6
14802902208	Inflation	Rising prices and devaluation of the dollar	7
14802902209	Internal Revenue Service (IRS)	Oversees the tax collection process	8
14802902210	Mandatory spending	Congress awards cash to individuals, groups, local, those who are legally entitled to these funds	9
14802902211	Means Test	Test to determine which citizens qualify for aid	10
14802902212	Medicaid	Provides health insurance coverage for the poorest Americans	11
14802902213	Medicare	Helps ease the medical costs of seniors over the age of 65	12
14802902214	Monetary policy	How the government manages the supply and demand of its currency and the value of the dollar	13
14802902215	North American Free Trade Agreement (NAFTA)	Lifted trade barriers and removed import taxes between Canada, Mexico, and the USA	14
14802902216	Patient Protection and Affordable Care Act	Called "Obamacare", an expansion of government regulation of health insurance and making services more affordable	15
14802902217	Progressive tax	One's tax rate increases, or progresses, as one's income increases	16
14802902218	Reserve requirement	How much cash commercial banks must keep in their vaults	17
14802902219	Social Security Act	Government insurance program that required the employed to pay a small contribution via a payroll tax into an insurance fund designed to assist the unemployed needs	18
14802902220	Social welfare	Support for disadvantaged people to meet their basic needs	19
14802902221	Supply-side economics	Belief that the govt should leave as much of the money supply as possible with people, letting the laws of the marketplace to govern the market a.k.a. laissez-faire	20
14802902222	Trade balance	A nation that exports more than it imports has a favorable trade balance. One that imports more than it exports has a trade deficit. The balance between surplus and deficit measures economic success	21