Chapter 20

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Author:
Ruth5151
ID:
19847
Filename:
Chapter 20
Updated:
2010-05-18 23:00:13
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Economics Mankiw
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Description:
A.P. Economics textbook, Chapter 20 vocabulary
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  1. poverty rate
    the percentage of the population whose family income falls below an absolute level called the poverty line
  2. poverty line
    an absolute level of income set by the federal government for each family size below which a family is deemed to be in poverty
  3. in-kind transfers
    transfers to the poor given in the form of goods and services rather than cash
  4. life cycle
    the regular pattern of income variation over a person's life
  5. permanent income
    a person's normal income
  6. utilitarianism
    the political philosophy according to which the government should choose policies that maximize total utility of everyone in society
  7. utility
    a measure of happiness or satisfaction
  8. liberalism
    the political philosophy according to which the government should choose policies deemed to be just, as evaluated by an impartial observer behind a "veil of ignorance"
  9. maximin criterion
    the claim that the government should aim to maximize the well-being of the worst-off person in the economy
  10. libertarianism
    the political philosophy according to which the government should punish crimes and enforce voluntary agreements but not redistribute income
  11. welfare
    government programs that supplement the incomes of the needy
  12. negative income tax
    a tax system that collects revenue from high-income households and gives transfers to low-income households

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