Honors Civics and Economics
Terms
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- Diminishing Marginal Utility
- each additional units is less valuable than the previous one
- Conference Committee
- temporary joint committee created to recohcile any differences between the two houses' versions of a bill
- Federalism
- a system of government in which constitution divides power between a central, or national, government and several regional governments
- Docket
- a court's liest of cases to be heard
- Elastic Clause
- takes expressed powers and stretches the to do what is necessary and proper
- Standing Committee
- permanemt committee in a legislative body to which bills in a specified subject-matter area are referred
- Reserved Powers
- those powers that the constitution doe snot grans to the National Governmetn and does not, at the same time, deny to the states
- Law of Demand
- consumers buy more of a good when its price decreases and less when its price increases
- Citizen
- a member of a state or nation who owes allegiance to it by birth or naturalization and is entitled to full civer rights
- Electoral College
- group of people from each state that make the formal selection of the president and vice president
- Criminal Law
- the portion of the law that defines public wrongs and provides for their punishment
- Delegates Powers
- those powers, expressed, implied, or inherent, granted to the National Government by the constitution
- Conservative
- seeks to keep in place the economic, political, and social structures of society; less government is better
- Contraction
- period of an economic decline marked by falling real GDP
- Price Floor
- a minimum price for a good or service
- Supremacy Clause
- federal law has greater authority/power if states and federal law conflict
- Indepent Executive Agencies
- agencies headed by a single administrater with regional subunits, but lacking cabinet status
- Judicial Review
- the power of a cout to determine the constitutionality of a government action
- Representative Government
- system of government in which public policies are made by officials selected by the voters and held accountabe in periodic elections
- Naturalization
- the legal process by which citizens of one country become citizens of another (procces of becomming a citizen)
- Full Faith and Credit
- constitution's requirmetn that each state accept the public acts, records, and judicial proceedings of every other state
- Bicameral
- an adjective describing a legislative body composed of two chambers
- Recall
- a petition procedure by which voters may remove an elected official for office before the completion of his or her regular term
- Direct Democracy
- the will of the people is translated into public policy (law) directly by the people themselves (can only work in small commuities)
- Filibuster
- various tactics (usually long speches) aimed at defeating a bill i a legislative body by preventing a final vote; associated with the US Senate
- Speaker of the House
- the presiding officer of the House of Representatives, chosen by and from the majority party in the House
- Peak
- the height of an economic expansion when real GDP stops rising
- Recession
- a prolonged economic contraction
- Per Capita GDP
- a nation's gross domestic product divided by its total population
- Depression
- a recession that is very long
- Commodity Money
- objects that have value in themselves as well as for use as money
- Conglomerate
- business combination merging more than three businesses that make unrelated products
- Arrangment
- hearing where formal charges are presented and the suspect pleads guilty or not guilty
- Default
- failure to pay back a loan
- Felony
- serious crime punishable by heavy fine, imprisonment, or even death
- President Pro Tempore
- the member of the U.S. Sentate, or of the upper house of a state's legislature, chosen to preside in teh absence of the president of the Sentate
- Independent Regulatory Commissions
- independent agancies designed to regulate important aspects of the nation's economy, largely beyond the reach of presidential control
- Bill of Attainer
- a Legislative act that inflicts punishment without a court trial
- Horizontal Merger
- the combinbation of two or more firms compteing in the same market with the same good or serivce
- Writ of Habeas Corpus
- a court order which prevents unjust arrests and imprisonments
- Character
- a city's basic law, its constitution, a written grant of authority form the king
- Oligoloply
- a market structure in which a few large firms dominate a market
- Virginia Plan
- representation in the government should be based on population
- Barter
- the direct exchange of one set of goods or services for another
- Concurring Opinon
- written explanation of the views of one more judges who support a decision reached by a majority of the court, but wish to add or emphasize a point that was not made in the majority decision
- Lobbyist
- activites by which group pressures are brought to bear on legislators, the legislative process, and all aspects of the public-policy-makig process (pressures legislatures to vote a certain way)
- Entrepreneurship
- taking a risk to create a new product, service, or method
- Representative Money
- objects that have value because the holder can exchange them for something else of value
- Civil Law
- the portion of the law relating to human conduct, to disputes between private parties, and to disputes between private parties and government not covered by criminal law
- Plaintiff
- the party who brings a suit or some other legal action against antother (civil law)
- Law of Supply
- tendency of suppliers to offer more of a good at a higher price
- Defendant
- person charged wiht a crime or who the suit is brought against in court
- Scarity
- limited quantities of resources to meet unlimited wants
- Hung Jury
- when a jury can't reach a unanimus verdict
- Colony
- group of people in one place ruled by a government in anotther place
- Nonprofit Organization
- institution that functions much like a business, but does not operate for the purpose of generation profits
- Reactionay
- favors extreme chage to restore society to an earlier, more conservative state
- Statutory Law
- law by legislative branch
- 3/5 Compromise
- compromise over counting slaves as part of the population between the slave state and free states
- Ratification
- formal approval, final consent to the effectiveness of a constitution, constitutional amendment, or treaty
- Party Whip
- helps/assists the party leaders
- Shortage
- a good or service is unavailable
- Bonds
- a formal contract to repay borrowed money with interest at fixed intervals
- Petit Jury
- hears the evidence in a case and deciedes the disputed facts
- Bill of Rights
- first ten amendments of the Constitution
- Trough
- the lowest pint in an economic contraction, when real gross domestic product stops falling
- Political Parites
- a group of persons who seek to control the government through the winning of elections and the holding of public office
- Lame Duck
- incumbent that is defeated in elections but remains in an office until the end of their turn
- Straight Ticket
- the practice of voting candidates of only one party in an election
- Appellcate Jurisdiciton
- the authority of a cout to review decisions of inferior (lower) courts
- Dividends
- the proportion of corporate profits paid out to stockholders
- Capital
- any human-made resource that is used to create other goods or services
- Stagflation
- a decline in real GDP combined with a rise in the price level
- Expulsiom
- foreced removal of the legislater from a serious crime
- Land
- surface area, naturl resources that are used to make goods and services
- Duty
- action of a citizen required by law
- Gross Domestic Product
- teh total valuce of all final goods and services produced in a particular economy
- Bureaucracy
- a large, complex administrative structure that handels the everyday business of an organization
- Anti-Federalist
- opposed the ratification of the Constitution
- Reprieve
- delay of carrying out sentence
- Leading Indications
- key economic variables that economists use to predict a new phase of the business cycle
- Platform
- a political party's formal statement of basic principles, stand on major issues, and objecives
- Supremacy Clause
- says the Constitution is the "supreme law of the land"
- Checks and Powers
- system set up to make sure one branch of the government doesn't become to powerful
- Repeal
- recall, revoke, or overturn
- Moderate
- holds beliefs that fall between liberal and conserative views, usually including some of both, slower approach to change
- Confederation
- a joining of several groups for a common purpose
- Laissez-Faire
- the government should not interrene in the market place
- Referendum
- a process by which a legislative measure is referred to the state's voters for final approval or rejection
- Money
- anything that serves as a medium of exchange, a unit of account, and a store of value
- Infrastructure
- the services and facilities necessary for an economy to function
- Life Expectancy
- the average expected life span of an individual
- Statutes
- laws
- Budget
- a plan for saving and spending state, or national government
- Glasnost
- a policy of "openess" introduced into the Soviet Union by white men
- Liberal
- believes that government must take action to change economic, political, and ideological policies thought to be unfair
- Limited Government
- basic principle of American Government which states that governmetn is restricted in what it may do and each individual has rights that government cannot take away
- Common Stock
- stock whose dividens are based on market fluctuations
- Monetary Policy
- the actions the Federal Reserve takes to influence the level of real GDP and that rate of inflation in the economy
- Origional Jurisdiction
- the power of a cout to hear a case first, before any other court
- Concurrent Powers
- those powers that both the National Governmetn and the States possess and exercise
- Constitutional Law
- law based on the constitution
- Repressentative Democracy
- system of government in which public policies are made by officials selected by the voters and held accountable in periodic elections
- New Jersy Plan
- representation in the government should be equal for each state
- Liquidity
- the ability to be used as, or directly converted to, cash
- Productivity
- value of output produced
- Usury Laws
- restricts the amount of interest that can be charged for credit
- Interest
- the price paid for the use of borrowed money
- Demand
- the desire to own something and the ability to pay for it
- Precendent
- court decision taht stands as an example to be followed in future similar cases
- Perestroida
- Soviet leader Makhail Gorbachev's plan for economic restructuring
- Reserved Powers
- powers not given to the federal government or denied to the states
- Less Developed Nation
- nation with a low level of material well-being
- Misdemanor
- less serious crime punishable by small fines or short jail terms
- Corporation
- a legal entity owned by individual stockholders
- Coalition
- a temporary alliance fo several groups who come together to form a working majority and so the control a government
- Interest Group
- private organizations whose members share certain views and work to shape public policy
- FDIC (Federal Deposit Insurance Corporation)
- the government ogancy that insures contomer deposits if a bank fails
- Labor
- the effort that people devote to a task for which they are paid, human factor of production
- Seperation of Powers
- legislative, executive, and judicial branches have different powers
- Nominal GDP
- gross domestic product measured in current prices
- Government
- the institution through which a society makes and enforces its public policies
- Dissention Opinion
- written explanation of the views of one or more judges who disagree with a decision reached by a majority of the court
- Quota
- limit set by government on how many immigrants can come into our country from another country
- Impeachment
- formal charges against public officials
- Medium of Exchange
- anything that is used to determine value during the exchange of goods and services
- Real GDP
- gross domestic product expressed in constant, or unchanging, prices
- Boycot
- refusal tobuy or sell certain products or serices
- Due Process
- the government must act failry and in accord with established rules in all that it does
- Concurrent Jurisdiction
- power shared by federal and state courts to hear certain cases
- Infant Mortality Rate
- the number of deaths that occure in the first year of life per 1,000 live births
- Currency
- coins and paper bills used as money
- Federalism
- system of government where power is divided between a central government and the states
- Juvenile Delinquent
- person under legal age of adult that commits a serious offense or keeps breaking the law
- Articles of Conferderation
- plan of government adopted by the Continental Congress after the American Revolution; established "a firm league of friendship" among the states, but allowed few important powers to the central government
- Public Goods
- s shared good or service for which it would be impractical to make consumers pay individually and ot excluce nonpayers
- Executive Agreement
- a pact made by the President directly with the head of a foreign state; a binding international agreement with the force of law but whihc does not require Senate consent
- Expansion
- a period of economic growth as measured by a rise in real GDP
- Census
- the official counte of the population, taken every ten years, includes demografic percentages and helps with taxes
- Privatilization
- the sale or transfer to state-owned businesses to individuals
- Radical
- favors extreme chage to create an altered or entirely new social system
- Split Ticket
- voting for candidates of different parties for different offices at the same election
- Sole Proprietorship
- a business owned and managed by a single individual
- Supply
- the amount of goods available
- Exclusive Jurisdiction
- poer of the federal courts alone to hear certain cases
- Federal Reserve
- nation's central banking system
- Spoils System
- the practice of giving offices and other favors of government to political supporters and friends
- Perfect Competition
- a market sturcture in which a large number of firms all product the same product
- Initiative
- a process in which a certain number of qualified voters sign petitions in favor of a proposal, which then goes directly to the ballot
- Cabinet
- presidental advisory body, traditionally made up of the heads of the executive deparments and other officers, vice president
- Proportional Tax
- a tax for which the percentage of income paid in taxes remains the same for all incoem levels
- Stock
- a certificate of ownership in a corporation
- Division of Labor
- the breakdown of labor into its components and their distribution among different persons, groups, or machines to increase productive efficiency
- Injunction
- court order that stops an action from taking place
- Variable Cost
- a cost that does rises or falls depending on how much is produced
- Surplus
- quantity supplies is greater than quantity demand
- Trade-Off
- an alternative we sacrifice when we make a decision
- Fixed Cost
- a cost that does not change
- Fiat Money
- money that has value because the government has ordered that it is an acceptable means to pay debts
- Pardon
- release from the punishment or legal consequences of a crime, by the President (in a federal case) or a governor (in a state case)
- Parole
- release of a prisioner before the sentence is up
- Adminstrative Law
- law that comes from executive branch
- Federalist
- supporeted the ratification of the Constitution
- Monopoly
- a market dominated by a single seller
- Censure
- issue a formal condemnation formal dissaproval of legislature for a les-serious crime
- Standard of Living
- level of economic prosperity
- Invisible Hand
- self-regulating nature of the marketplace
- Gold Standard
- a monetary system in which paper money and coins are equal in value to a certain amount of gold
- Great Depression
- the severe economic decline that began in 1929 and lasted for more than a decade
- Magna Carta
- great charter forced upon King John of England by his barons in 1215; established that hte power of the monarchy was not absolute and guaranteed trial by jury and due processes of law the the nobility
- Select Committee
- Legistative committee created for a limited time and for some specific purpose; aslo know as a special committee
- Primary
- elections held to select the party candidate
- Majority
- one more than half, 51%
- Federal Reserve System
- the nation's central banking system
- Double Jeopardy
- once a person has been tried for a crime, he or she cannot be tried again for the same crime
- Light Industry
- the production of small consumer goods
- Responsibility
- moral obligation to your country not required by law
- Plea Bargin
- when defendent pleads guilty to a lesser charge
- Gerry Mander
- the drawing of electoral destrict lines to the advantage of a party or group
- Unicameral
- an adjective describing a legislative body with one chamber
- Right
- power guarnteed to citizens by the US Constitution
- Specialization
- the concentration of the productive efforts of individuals and firms on a limited number of activities
- Special Economic Zones
- designated regions in China where foreign investiment is encouraged, businesses can make most of their own investment and production decisions, and foreign companies are allowed to operate
- Enumerated Powers
- powers given to the federal government by the Constition
- Refugee
- one who leaves his or her home to seek protection from war, persecution, or some other danger
- Ex Post Facto Law
- law applied to an act committed before it was passed
- Merit System
- giving the job to the person that was best qualified
- Regressive Tax
- a tax for which the percentge of income paid in taxes decreases as income increases
- Line Item Veto
- The ability of a leader such as the president or state governor to take a bill and reject some parts of it while accepting other parts of it.
- Price Ceiling
- a maximum price that can be legally charged for a good or service
- Suit of Equaltiy
- lawsuit that seeks fair treatment in a situation where there is no existing law
- Concurrent Powers
- powers that both the federal governmetn and states share
- Subcommittee
- divison of existing committee that is formed to adress specific issues
- Grand Jury
- the formal device by which a perosn can be accused of a serious crime
- Delegate
- representative
- Caucus
- as a nominating device, a group of like-minded people who meet to select the candidates they will support in an upcoming election
- Immigrant
- those people legally admitted as permanent residents of a country
- Stare Decisis
- "look to the precendent" for a decision
- Dictatorship
- a form of government in which the leader has absolute power and authority
- Popular Sovereighty
- basic principle of the American system of government which asserts that the people are the source fof any and all governmental power, and government can exist only with the consent of the governed
- Fiscal Policy
- the use of government spending and revenure collection to influence the economy
- Implied Powers
- powers not mentioned in the Constitution but given to the federal government that are "necessary and proper"
- Plurality
- in an election, the number of votes that the leading cadidate obtains over the next highest candidate
- Citizenship
- status of a citizen with its duties, rights, responsibilities, and privilages
- Captilism
- economic system where goods/services are privately owned and operated by profit
- Alien
- foreign-born resident, or noncitizen (do not intend to stay)
- Literacy Rate
- the proportion of the population over age 15 that can read and write
- Opprotunity Cost
- the most desirable alternative given up as result of a decision
- Constitution
- the body of fundamental laws setting out the principles, structures, and processes of a government
- Magistrate
- a justice who handles minor civil complaints and misdemeanor cases that arise in an urban setting
- Partnership
- a business organization owned by two or more persons who agree ona specific devision of responsibilities and profits
- Veto
- chief executive's power to reject a bill passed by a legislature
- Developed Nation
- country with a higher average level of material well-being
- Third Party
- a minor party that chalanges the majority party
- Equilibrium
- the point at whcih quantity demand and quantity supplied are equal
- Monopolistic Competition
- a market structure in which money companies sell products that are similar but not indentical
- Progressive Tax
- a tax for which the percentage of income paid in taxes increases as income increases
- Majority Opinion
- officially called the Opinion of the Court, announces the Courts decision in a case and sets out the reasoning upon which it is based
- Vertical Merger
- the combination of two or ore firms involved in different stages of producing the same good or service
- Party Leader
- leader of the Rupublicans and the Democrats in Congress
- Executive Order
- rule president makes this is the force of law
- Connecticut Compromise
- set up a bicameral legislature where one house was based on population and the other had equal represenation
- Executive Departments
- people that make up the cabinet
- Plank
- that parties stance on a particular issue