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Terms

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Natural resources
gifts of nature that make production possible
Socialism
economic system in which government owns some factors of production and distributes the products and wages
Affirmative action
programs intended to make up for past discrimination by helping minority groups and women gain access to jobs and opportunities
Consumer sovereignty
the role of the consumer as the ruler of the market determining what produces will be produced
Surplus
situation in which quantity supplied is greater than quantity demanded
President pro tempore
chairperson of the Senate/ takes place of vice president death
Satellite
nation politically and economically dominated or controlled by another more powerful country
Discrimination
unfair treatment based on prejudice against a certain group
Needs
requirements for survival such as food, clothing, and
Stacked cards
present one side of the issue sometimes distorts facts
Great Compromise
agreement providing a dual system of congressional representation
Internationalism
involvement in world affairs
Profit
the money a business receives for its products or services over and above its costs
Special interest groups
an organization of people with some common interests who try to influence government decisions
Citizenship
the state of being vested with the rights, privileges, and duties of a citizen
Constitutional Monarchy
the power of the hereditary ruler is limited by the country's oppression
Factor markets
a market where productive resources are bought and sold
Apartheid
system of laws that separated racial and ethnic group and limited the rights of blacks in South Africa
EITC
a program that gives tax credit and even cash payments to qualified workers
Original jurisdiction
the authority to hear cases for the first time
Free trade
policy of reduced trade barriers
Naturalization
a legal process to obtain citizenship
Electoral college
a group of people named by each state legislature to select the president and vice president
House of Lords
highest court appeal of British parliament
Complement
product often used with another product
Shortage
situation in which quantity demanded is greater than quantity supplied
Intolerable acts
restricted the colonists' rights
Genocide
mass murder of a person because of their race, religion, ethnicity, politics, or culture
Court of Justice
a tribunal that is presided over by one or more judges who administer justice according to the law
Parliamentary system
a system of government in which both executive and legislative functions reside in an elected assembly
Aliens
a noncitizen
Trade off
the alternation you face if you decide to do one thing rather than another
Censorship
the banning of printed materials or films due to alarming or offensive ideas
Productivity
the degree to which resources are being used efficiently to produce goods and services
Supply schedule
table showing quantities supplied at different possible prices
Demand curve
downward-sloping line that graphically shows the quantities demanded at each possible prices
Dynasty
line of rulers from the same family
3/5 compromise
3/5 of slave population in a state counted towards the population that decided the number of representatives per state
Federalism
a form of government in which power is divided between the federal or national government and the states
Environmental destruction
the destruction of natural environmental and resources
Civics
the study of the rights and duties of citizens
Multinational
firm that doe business or has offices in many countries
Segregation
the social separation of the races
Common law
a system of law base on precedent and customs
Intensity
strength in a belief or leader
GDP
total dollar value of all final goods and services produced in a country during a single year
Coercive act
restricted colonists rights
Scarcity
not having enough resources to produce all of the things we would like to have
Prime minister
the leader of the executive branch of a parliamentary government
Steps to becoming a citizen
sign a declaration of intention, filed with immigration and naturalization service, live in US for 5 years and take classes- optional, interview with INS agent, take exam, ceremony and pledge of oath of allegiance
Specialization
when people businesses, regions or nations concentrate on goods and services that they can produce better than anyone else
Sanctions
measure such as withholding economic aid used to influence a foreign governments actions
Workfare
programs that require welfare recipients to exchange some of their labor in return for benefits
Totalitarian
a system in which government control extends to almost all aspects of people's lives
Medium
a middle state or condition
Discount rate
the interest rate the Fed charges on its loans
Public policy
the course of action the government takes in response to an issue or problem
Human rights
fundamental freedoms of individuals
Constitutional convention
meeting of state delegates in 1787 leading to adoption of the new Constitution
Popular sovereignty
the notion that the power lies with the
FOMC
the most powerful committee of the Fed because it makes the decisions that affect the economy as a whole by manipulating the money supply
Supply
the amount of goods and services that producers are able and willing to sell at various prices during a specified time period
Capitol
previously manufactured goods used to make other goods and services
Security Council
the UN's peacemaking arm
Lobbyist
representatives of an interest group who contacts lawmakers or other government officials directly to influence their policy making
Unitary
characterized by a unit
Unitary system
government that gives all key powers to the national or central government
Devolution
the surrender of powers to local authorities by a central government
Civil liberties
freedoms to think and act without government interference or fear of unfair legal treatment
Electoral votes
the votes casted by the electoral college for the president
Name calling
unpleasant label for an opponent
Executive branch
the branch of government that carries out laws
Labour party
wants more active role in government(like democratic party)
Reserve
requirement for members of the bank and their money
Role of media
Sets public agenda, Allows for people who previously would not have been able, to run, Love/hate relationship, Expose government corruption, Threat to national security
Product market
a market where producers offer goods and services for sale
Public opinion
the ideas and attitudes that most people hold about elected officials, candidates, government, and political issues
Checks and balances
a system in which each branch of government is able to check or restrain the power of others
FCC
makes broadcasting rules for the nation's television and radio stations
Inflation
sustained increase in the general level of prices
Bill of Rights
the first 10 amendments to the Constitution
Substitutes
a competing product that consumers can use in place of another
Polls
a sample of opinions on a subject
UN
to maintain peace, develop friendly relations among the nations, promote justice and cooperation, and seek solutions to a global problem
Demand schedule
table showing quantities demanded at different possible prices
International tribunal
court with authority to hear cases about human rights violations
Legislative branch
the lawmaking branch of government
Globalization
individuals and nations working across barriers of distance, culture, and technology
Declaratory act
granted parliament the right to tax make decisions for the colonists
Judicial branch
the branch of government that interprets the law
Anti-federalists
those who opposed ratification of the Constitution
Immigrants
a person who moves permanently to a new country
Market economy
system in which individuals own factors of production and make economic decisions through free interactions
Competition
the struggle that goes on between buyers and sellers to get the best products at the lowest prices
24th amendment
abolished poll tax
Division of labor
the breaking down of a job into separate smaller tasks to be performed individually
Concurrent powers
powers shared by the federal and state governments
Endorsements
someone famous or well known says that they are supporting a candidate
Subsidy
a government payment to an individual, business, or group in exchange for certain actions
Authoritarian
a government in which one leader or group of people holds absolute power
Labor
human effort directed toward producing goods and services
Trade deficit
situation in which the value of the products imported by a country exceeds the value of its imports
Dictators
a ruler who exercises complete control over a state
Implied powers
powers that Congress has that are not stated explicitly in the Constitution
Acid rain
rain containing high amounts of chemical pollutants
Standard of living
the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
Direct democracy
a form of democracy in which the people vote firsthand
Demand inelastic
prices changes have little effect on the quantity demanded
Expressed powers
powers that Congress has that are specifically listed in the Constitution
Speaker of the House
the most powerful leader within the House of Representatives
Incentives
reward offered to try to persuade to take certain economic actions
Absolute monarchy
a monarch that has complete and unlimited power to rule his or her people
Supply elasticity
responsiveness of quantity supplied to a change in price
Republic
a state in which the supreme power rests in the body of citizens entitled to vote and is exercised by representatives chosen directly or indirectly by them.
Economics
the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants
Plain-folks
a candidate acts like he is just a normal person running for president
Glittering generality
statement that sounds good but is meaningless
Tariff
a tax on imported goods
Communist party
a party that is also the ruler of the government
Mayflower compact
a written plan for government
Collective farm
a farm in which the land is owned by the government but rented to a family
House of commons
lawmakers of the British parliament
Direction
the way in which a person goes towards voting
Patriotism
love for ones country
Balance of trade
the difference between the value of a nations exports and its imports
George Washington
leader of the Constitutional convention and was the commander of the army in the American Revolution: appointed committee to set rules
Cost-benefit analysis
economic model that compares the marginal cost and marginal benefits of a decision
Articles of Confederation
the first constitution of US that detailed the plans for the union of states in 1777
Stability
is the firmness of a belief
Suffrage
the right to vote
Supply curve
upward-sloping line that graphically shows the quantities supplied at each possible price
Price ceiling
government set maximum price for a good or service
Symbols
use of symbols to appeal to the public
Fixed cost
a cost unvarying with a change in the volume of business
Law of supply
suppliers will normally offer more for sale at higher prices and less at lower prices
Precedent
a ruling that is used as a basis for a judicial decision in a later similar case
Voluntary exchange
the act of buyers and sellers freely and willingly engaging in market transaction
Demand elastic
each change in price causes a relatively larger percentage change in quantity demanded
Protectionism
policy of trade restriction to protect domestic industries
Supply inelastic
when the quantity changes very little for a good when the prices go up or down
Fourth amendment
protection against unreasonable searches
Mixed economy
system combining characteristics of more than one type of economy
Exchange rate
the price of one nations currency in terms of another nation's currency
Opportunity cost
the cost of the next best use of time and money when choosing to do one thing of another
Utility
the amount of satisfaction one gets from good or service
Constitution
a detailed written plan for government
Price floor
government set minimum price for good or service
Interest groups
a group of people who share a point of view about an issue and unite to promote their beliefs
Monetary policy
policy that involves changing the rate of growth of the money supply in circulation in order to affect the cost and availability of credit
Price
the sum of an amount of money
Demand elasticity
measure of responsiveness relating change in quantity demanded to a change in price
Reserved powers
powers that the Constitution does not give to the national government that are kept by the states
Bandwagon
agreeing with an idea because everyone else does
Mercantilism
the theory that s country should sell more goods to other countries than it buys
Libel
written untruths that are harmful to someone's reputation
Jurisdiction
a courts authority to hear and decide cases
Townshend act
put a tax on goods imported to the colonists
Variable cost
expenses that change with the number of products produced
Bicameral
a legislature consisting of two parts or houses

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