exam
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