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WELFARE: An assortment of programs that provide assistance to the poor. The cornerstone of our welfare system is Aid to Families with Dependent Children (AFDC), which was created by the Social Security Act (1935). It provides cash benefits to assist needy families with children under the age of 18. Funding comes partly from the federal government and partly from states. Because states also administer their own programs, benefits and qualification criteria differ from state to state. A second part of the welfare system, one that's run entirely by the federal government, is Supplemental Security Income (SSI). This program provides cash benefits to elderly, blind, and disabled in addition to any benefits received through the Social Security system. Our welfare system includes a whole bunch of additional benefits, including Medicaid, food stamps, low-cost housing, school lunches, job training, day care, and earned-income tax credits.

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Lesson 11: Circular Flow | Unit 5: Real World Page: 20 of 22

Topic: Production And Income <=PAGE BACK | PAGE NEXT=>

Measures of production and income.
  • Net domestic product (NDP) is GDP minus capital consumption allowances CCA).
  • National income (NI) is NDP minus indirect business taxes (IBT).
  • Personal income (PI) is NI minus undistributed corporate profits (UCP), corporate profits taxes (CPT) and Social Security Taxes (SST), plus transfer payments.
  • Disposable income (DI) is PI minus personal taxes.

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SPECIAL INTEREST GROUPS

A group of people with shared interests who have more to gain or lose from a candidate, issue, or policy and thus try extra hard to ensure that the political system is aware of their preferences. Special interest groups are the other side of the coin of voter apathy. Motivated rational choices, some people have little or no involvement in the political system others have a great deal. The study of public choice indicates that special interest groups are one source of government inefficiency. Other sources are politicians, voters, and government bureaucracies.

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RED AGGRESSERINE
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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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