click below
click below
Normal Size Small Size show me how
Poly sci 16
| Question | Answer |
|---|---|
| Political Economy | Influence of politics and economy on each other; what government should do in the economy |
| Public Policy | What a government tries to do; the choice it makes among alternatives |
| Business cycle | Tendency of economy to alternate between growth and recession over several years |
| Recession | Period of economic decline; a shrinking GDP |
| Inflation | A general, overall rise in prices |
| Federal Reserve Board | The fed; U.S. central bank that can raise and lower interest rates |
| Balance of payment | The value of what a country exports compared with what it imports |
| Fixed exchange rate | Dollar buys set amounts of foreign currencies |
| Floating exchange rate | Dollar buys varying amounts of foreign currencies, depending on market for them |
| Stagflation | Combination of slow growth plus inflation in the U.S. economy in the 1970s |
| Deficit | Spending more in a given year than you take in |
| Euro | Since 2002, common EU currency used in most of west Europe, Value fluctuates but generally worth more than $1 |
| Debt | The sum total of deficits over many years |
| Bubble | Market that has gone too high |
| Entitlement | U.S. federal expenditure mandated by law, such as social security and medicare |
| Welfare dependency | Stuck on welfare with no incentive to get off |
| Outsourcing | U.S. firms producing overseas |
| Bull Market | A stock market that keeps rising |
| Baby boom | The big generation of Americans born from 1946-1964 |
| Workfare | Programs limiting the duration of welfare payments and requiring recipients to work or get job training |