acit 2
Terms
undefined, object
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- Original jurisdiction
- The authority to hear cases for the first time
- internationalism
- Involvement in world affairs
- substitutes
- A competing product that consumers can use in place of another
- Special interest groups
- An organization of people with some common interests who try to influence gov't decisions
- Unitary system
- Government that gives all key powers to the national or central government
- Natural resources
- Gifts of nature that make production possible
- Mayflower compact
- Stated that the government would make just and equal laws for the good of the colony
- Name calling
- Used by candidates to make themselves appear better than their opponent
- Intolerable acts
- Coercive acts
- suffrage
- right to vote
- profit
- The money a business receives for its products and services over and above its costs
- Plainfolks
- Appeal by a candidate that makes him/her seem just like everyday citizens, with the same wants/needs
- socialism
- Economic system in which government owns some factors of production and distributes the products and wages
- Product markets
- A market where producers offer goods and services for sale
- needs
- Requirements for survival
- Supply schedule
- Table showing quantities supplied at different possible prices
- jurisdiction
- A court's authority to hear and decide cases
- 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
- Law of supply
- Suppliers will normally offer more for sale at higher prices and less at lower prices
- polls
- The registering of votes
- totalitarian
- system in which government control extends to almost all parts of people's lives
- Popular sovereignty
- The notion that power lies within the people
- multinationals
- Firms that do business or have offices in many countries
- President Pro tempore
- The person who usually acts as the chairperson of the senate
- naturalization
- A legal process to obtain citizenship
- shortage
- Situation in which quantity demanded is greater than quantity supplied
- protectionism
- Policy of trade restrictions to protect domestic industries
- tariff
- A customs duty; a tax on imported goods
- United nations
- Its purposes are to maintain international peace, develop friendly relations among nations, promote justice and cooperation, and seek solutions to global problems
- 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
- Trade deficit
- Situation in which the value of products imported by a country beat its exports
- utility
- The amount of satisfaction one gets from a good or service
- labor
- Human effort directed toward producing goods and services
- specialization
- When people, businesses, regions, and/or nations concentrate on goods or services that they can produce better than anyone else
- subsidy
- A gov't payment to an individual, business, or group in exchange for certain actions
- libel
- Written untruths that are harmful to someone's reputation
- workfare
- Programs that require welfare recipients to exchange some of their labor in return for benefts
- incentives
- Reward offered to try to persuade people to take certain economic actions
- symbols
- Used by candidates to gain public approval
- supply
- The amount of goods and services that producers are able and willing to sell at various prices during a specific time period
- sanctions
- Measure such as withholding economic aid used to influence a foreign government's actions
- Townshend Acts
- Levied taxes on basic goods imported to the colonies like glass, paper, tea and lead
- Reserve powers
- Powers that the constitution does not give to the national government that are kept by the states
- surplus
- Situation in which quantity supplied is greater than quantity demanded; situation in which government spends less than it collects in revenues
- segregation
- The social separation of races
- Prime minister
- The leader of the executive branch of a parliamentary gov't
- satellites
- Nations politically and economically dominated or controlled by another, more powerful country
- Implied powers
- Powers that congress has that are not stated explicitly in the constitution
- Voluntary exchange
- The act of buyers and sellers freely and willingly engaging in market transactions
- productivity
- The degree to which resources are being used efficiently to produce goods and services
- Standard of living
- The material well-being of an individual, group, or nation measured by how well their necesseties and luxuries are satisfied
- scarcity
- Not having enough resources to produce all of the things we would like to have
- inflation
- Sustained increase in the general level of prices
- precedent
- A ruling that is used as the basis for a judicial decision in a later, similar case
- price
- The cost of an item
- Opportunity cost
- The cost of the next best use of time or money when choosing to do one thing or another
- Patriotism
- A love for one's country
- Secretary General
- Chief executive officer of the UN
- Security council
- The UN's peacekeeping arm
- mercantilism
- The theory that a country should never sell more goods to countries than it buys
- Judicial branch
- The branch of government that interprets laws
- Legislative branch
- The lawmaking branch of the government
- Reserve requirement
- The percentage of money against their deposits member banks must keep in Reserve banks
- Market economy
- System in which individuals own the factors of production and make economic decisions through free interaction
- Mixed economy
- System combining characteristics of more than one type of economy
- Trade off
- The alternative you face if you choose one thing rather than the other
- jenna
- kuhl
- immigrant
- people who move to a country permant
- Supply elasticity
- Awareness of quantity supplied to change in price
- Speaker of the house
- The most powerful leader within the House of Representatives
- Parliamentary System
- A system of government in which both executive and legislative functions reside in an elected assembly
- mediation
- Situation in which union and company officials bring in a 3rd party to help them reach an agreement
- Supply curve
- Upward sloping line that graphically shows the quantities supplied at each possible price
- Role of media
- Communicate broadly to masses of people
- International tribunals
- Court with authority to hear cases about human rights violations