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AP G chap. 17,18,19
| Term | Definition |
|---|---|
| capitalism | an economic system in which individuals and corporations own the principal means of production and seek profits |
| mixed economy | an economic system in which the government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower |
| multinational corporations | businesses with vast holdings in many countries, many of which have annual budgets exceeding that of many foreign governments |
| securities and exchange commission | the federal agency created during the New Deal that regulates stock fraud |
| minimum wage | the legal minimum hourly wage for large employers |
| labor union | an organization of workers intended to engage in collective bargaining |
| collective bargaining | negotiations between representatives of labor unions and management to determine pay and acceptable working conditions |
| unemployment rate | as measured by the Bureau of Labor Statistics, the proportion of the labor force actively seeking work but unable to find jobs |
| inflation | the rise in prices for consumer goods |
| consumer price index | the key measure of inflation that relates the rise in prices over time |
| laissez-faire | the principle that governments should not meddle in the economy |
| monetary policy | based on monetarism, the manipulation of the supple of money in private hands by which the government can control the economy |
| monetarism | |
| an economic theory holding that the supply of money is the key to a nation's economic health | |
| Federal Reserve System | the main instrument for making monetary policy in the United States |
| fiscal policy | the policy that describes the impact of the federal budget on the economy |
| Keynesian economic theory | the theory emphasizing that government spending and deficits can help the economy whether it's normal ups and downs |
| supply-side economics | an economic theory advocated by President Reagan holding that too much income goes to taxes so that too little money is available for purchasing and that the solution is to cut taxes |
| protectionism | economic policy of shielding an economy from imports |
| world trade organization | international organization that regulates international trade |
| antitrust policy | a policy designed to ensure competition and prevent monopoly, which is the control of a market by one company |
| 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 |
| National Labor Relations Act | A 1935 law, also known as the Wagner Act, that guarantees workers the right to collective bargaining and created the National Labor Relations Board to regulate labor-management relations |
| health maintenance organization | a health insurance organization to which subscribers pay a predetermined fee in return for a range of medical services from physicians and healthcare workers registered with the organization |
| Medicare | is the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease |
| Medicaid | a health care program that assists low-income families or individuals in paying for long-term medical and custodial care costs |
| national health insurance | a legally enforced scheme of health insurance that insures a national population against the costs of health care |
| Environmental Protection Agency | an agency of the US federal government whose mission is to protect human and environmental health |
| National Environmental Policy Act | a US environmental law that promotes the enhancement of the environment and established the President's Council on Environmental Quality |
| environmental impact statements | a document prepared to describe the effects for proposed activities on the environment |
| Clean Air Act of 1970 | resulted in a major shift in the federal government's role in air pollution control |
| Water Pollution Control Act of 1972 | established the basic structure for regulating pollutant discharges into the waters of the US |
| Endangered Species Act of 1973 | provides for the conservation of species that are endangered or threatened throughout all or a significant portion of their range, and the conservation of the ecosystems on which they depend |
| superfund | a fund established to finance a long-term, expensive project |
| global warming | a gradual increase in the overall temperature of the earth's atmosphere generally attributed to the greenhouse effect caused by increased levels of carbon dioxide, chlorofluorocarbons, and other pollutants |
| foreign policy | a policy that involves choice taking, like domestic policy, but additionally involves choices about relations with the rest of the world. |
| United nations | an organization whose members agree to renounce war and to respect certain human and economic freedoms |
| North Atlantic Treaty Organization | an organization whose members include the United States, Canada, most Western European nations, and Turkey, most of all whom agreed to combine forces and to treat a war against one as a war against all. |
| European union | a transnational government composed of most European nations that coordinates monetary, trade, immigration, and labor policies, making its members one economic unit |
| Secretary of State | the head of the department of state and traditionally a key adviser to the president on foreign policy |
| Secretary of Defense | the head of the department of defense and the presidents key adviser on military policy |
| Joint chiefs of staff | the commanding officers of the armed services who advise the president on military policy |
| Central Intelligence Agency | an agency created after world war 2 to coordinate American intelligence activities abroad. it became involved in intrigue, conspiracy, and meddling as well |
| isolationism | a foreign policy course followed throughout most of our nations history whereby the United States has tried to stay out of other nations' conflicts. |
| 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 encroachments by peaceful means of possible but by force if necessary |
| Cold War | War by other than military means usually emphasizing ideological conflict, such as that between the United States and the Soviet Union from the end of World War 2 until the 1990s |
| arms race | a tense relationship beginning in the 1950s between the soviet union and the united states whereby one sides weaponry became the other sides goad to procure more weaponry, and so on |
| détente | a slow transformation from conflict thinking to cooperative thinking in foreign policy strategy and policy making. it sought a relaxation of tensions between the superpowers, coupled with firm guarantees of mutual security |
| interdependency | mutual dependency, in which the actions of nations reverberate and affect one another's economic lifelines |
| tariff | a special tax added to imported goods to raise the price, thereby protecting American businesses and workers from foreign competition |
| balance of trade | the ratio of what is paid for imports to what is earned from exports |
| 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 |
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