Public Policy

Theory that government spending should increase during slumps and curbed during booms.

Government provision of economic assistance to persons in need.

Movement of public opinion from initial enthusiasm to public policy to realization of costs.

Free-market systems that have both private and public ownership of the means of production.

Where many pieces of legislation deal with parts of policy problems but not the entire problem.

Identifies social and economic problems and ranks them in order of importance.

The ratio of imported products to exported products.

Evolved into the World Trade Organization that seeks to encourage free trade and low tariffs.

Annual cost of living adjustment mandated by law in Social Security and other welfare programs.

funds raised by borrowing rather than taxing.

Puts the policy into effect by enforcement through the appropriate government agency.

Law that changed AFDC to TANF and tightened eligibility requirements.

Provides retirement benefits, health insurance and support for the disabled and orphans.

A program that provides hospitalization and medical insurance to the elderly.

When a country imports more than it exports.

Helps the elderly and disabled who are living at or near the poverty line.

Doing nothing and taking no action is one way of making policy.

Deals with the taxing aspects of the budget.

Created a free trade zone between Canada, US and Mexico.

Decides how much money to spend for those programs that have been authorized.

An agency of Congress that analyzes presidential budget recommendations and estimates cost.

The total output of all economic activity in the nation, including goods and services.

The amount of money in deposits versus loans banks must keep on hand.

Theory that holds that sharply cutting taxes will increase incentive to work, save and invest.

Spending that is required by law to fund programs such as entitlement programs.

The purchase and sale of US bonds by The Fed to control the money supply.

The federal government efforts to keep the economy stable through taxing and spending.

Presidential staff agency that serves as a clearinghouse for budgetary requests.

The country's central banking system that regulates the money supply and interest rates.

Government issued debit cards that recipients use for purchasing food.

Decides which programs to fund

Policy that manages the economy by controlling the supply of money and interest rates.

Also known as Obamacare; health reform law.

Political issues important to most working class Americans such as wages and tax rates.

Social programs that allocate federal funds to all people who meet eligibility requirements.

The interest banks pay to the Federal Reserve for borrowing money.

The slow, step by step approach to making policy.

Theory that opposes governmental interference in economic affairs.

Spending on programs not required by law such as defense, education and highways.