Political Ideology
A set of beliefs about the desired goals and outcomes of a process of governance.
Political Ideology
A party's philosophy about the proper role of government and its set of positions on major issues.
Party Ideology
Economic policy in which governments intrude as little as possible in the economic transactions between citizens and businesses.
Laissez-Faire Economy
The percentage of people actively looking for work who cannot find jobs.
Unemployment Rate
A board of governors, Federal Reserve Banks, and member banks responsible for monetary policy.
Federal Reserve System
Something guaranteed, that the government cannot take away.
Right
An individual's attachment to a political party.
Party Identification
Economic policy in which government dictates much of the nation's economic activity, including the amount of production and price for goods.
Command-And-Control Economy
The rise in the prices of goods and services.
Inflation
A set of economic policy tools designed to regulate the amount of money in the economy.
Monetary Policy
Something a person may obtain or receive, but that the government can take away.
Privilege
An ideology favoring more control of social behavior, fewer regulations on businesses, and less government interference in the economy.
Conservatism
Economic policy in which many economic decisions are left to individuals and businesses with the government regulating economic activity.
Mixed Economy
The cost of a fixed basket of goods and services over time, used to measure the cost of living.
Consumer Price Index (CPI)
A federal program that provides health insurance to seniors and the disabled.
Medicare
An ideology favoring less control over social behavior and more greater regulation of businesses and of the economy.
Liberalism
The total value of goods and services produced by an economy.
Gross Domestic Product (GDP)
Government use of taxes and spending to attempt to lower unemployment, support economic growth, and stabilize the economy.
Fiscal Policy
A federal program that provides health care for the poor.
Medicaid
An ideology favoring very little government regulation and intervention beyond protecting private property and individual liberty.
Libertarianism
A period of decline in economic activity, typically defined by two consecutive quarters of negative GDP growth.
Economic Recession