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| philosophical belief that government intervention is necessary in order to enhance personal liberty and security when individuals are buffeted by economic and social forces beyond their control |
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| any of a number of individual-benefit programs, such as social-security, that require government to provide a designated benefit to any person who meets the legally defined criteria for eligibility |
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| social welfare program are based on the "insurance" concept requiring that individual pay into the program in order to be eligible to receive funds from it |
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| a term that refers to social welfare programs funded through general tax revenues and available only to the financially needy |
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| requirement that applicants for public assistance must demonstrate that they are poor in order to be eligible for the assistance |
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| a government benefit that is a cash equivalent, such as food stamps or rent vouchers |
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| Created by the Social Security Act of 1935, the largest contributory income security program pays most of its benefits to retirees and the elderly |
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| unemployment compensation |
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| Created by the Social Security Act of 1935 to provide benefits to people who've recently lost their jobs |
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| established by the Fair Labor Standards Act in the 1938, a federal requirement that employers pay their workers enough to live on |
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| An antipoverty program established by in 1975 to help workers with low incomes who file tax returns |
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| a system for the exchange of goods and services between teh producers of those goods and the consumers of them |
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| a classic economic philosophy holding that owners of businesses should be allowed to make their own production and distribution decisions with out government regulation or control |
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| a term that refers to government restrictions on the economic practices of private firms |
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| an economic principle holding that firms should fulfill as many of society's needs as possible while using as few of its resources as possible |
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| burdens that society incurs when firms fail to pay the full costs of production |
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| rescinding of excessive government regulations for the purpose of improving economic efficiency |
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| situation in which the outcome of an economic transaction is fair to each party |
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| a very severe and sustained economic downturn |
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| a moderate but sustained downturn in the economy |
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| a form of fiscal policy that emphasizes "demand" (consumer spending) |
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