Term
| Most governments throughout history can be classified into which four basic types? |
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Definition
| Oligarchy, monarchy, dictatorship, and democracy. |
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Term
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Definition
| An oligarchy is a political system in which power is held by a small group of people. These people are usually members of an upper class such as nobles or military officers. They are not elected by the citizens. In an oligarchy, the rulers typically exercise power in their particular interests rather than behalf of society at large. |
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Term
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Definition
In a monarchy power is held by a king, queen, emperor, or empress. This leader generally rules until the end of his or her life. Then leadership is passed on to his or her heirs. In a traditional monarchy, the leader has absolute power.
In a constitutional monarchy such as Great Britain or the Netherlands, the ruler's powers are limited by laws that may be written or unwritten. In modern constitutional monarchies, the ruler has little power and functions mainly as a ceremonial head of state. |
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Term
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Definition
| A dictator ship is a type of government in which a single leader exercises absolute power over nearly every aspect of life in a country, including political, social, and economic issues. The leader, or dictator, is not bound by any rules and can enact or change laws at will. Elections, if they are permitted, are usually meaningless because no transfer of power is allowed. |
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Term
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Definition
| In a democracy, a citizen exercises power on their own behalf. The earliest democracy was established in the small city-state of Athens in ancient Greece in 510 BCE. This was a direct democracy in which all citizens participated directly in making laws and in the government. Today's democracies, in much larger nations, are representative democracies in which citizens elect representatives to carry out the functions of government. In a democracy, every citizen has a voice either directly or through elected representatives, in how the country is governed. When the head of state is a person elected by voters this form of government is called a republic. |
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Term
| Democracies can either be parliamentary or presidential. Describe a parliamentary democracy. |
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Definition
| A parliamentary democracy, such as those in Australia, Great Britain, and Canada, is a type of government in which government leaders are chosen by the political party that holds a majority of seas in the legislature, or parliament, based on elections. If no party holds a majority, several parties may work together to form a coalition government. Executive power is exercised by a prime minister, premier, or chancellor, assisted by cabinet members. The prime minster is the head of the government and is the leader of the political party that has the most seats in parliament. The government remains in office as long as the parliament supports its policies. |
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Term
| Democracies can either be parliamentary or presidential. Describe a presidential democracy. |
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Definition
| A presidential democracy, such as those in the United States and France, is headed by a powerful chief executive called the president. The president is elected by voters for a set number of years. The president is separate from the legislature and exe4rcises a considerable amount of independent power but whose actions are limited by the constitution and other laws. |
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Term
In which of the following governments does a leader have the most control over citizens’ lives?
A. oligarchy
B. monarchy
C. dictatorship
D. democracy |
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Definition
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Term
Read each characteristic of a democracy. In the space, indicate whether each characteristic is found in a direct or representative democracy. Use D for direct democracy and R for representative democracy.
_______ Every citizen can place proposals on the ballot, and a proposal becomes law if the majority vote for it.
_______ Citizens elect a legislature to rule the country.
_______ Delegates represent the wishes of the voting citizens.
_______ Power to veto laws rests with the citizens themselves. |
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Definition
Direct democracy.
Representative democracy.
Representative democracy.
Direct democracy. |
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Term
| What is the philosophy of natural rights, which was included in the Declaration of Independence. |
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Definition
| According to this idea, individuals have certain rights just by the fact that they are human beings. These rights are derived from nature; they are not allowed by a ruler or permitted by a law. They are absolute and not revocable. |
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Term
| What was the origin of the philosophy of natural rights? |
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Definition
| The idea of natural rights dates back to the European Enlightenment of the 17th and 18th centuries. The Scottish philosopher John Locke (1632-1704) stated that the duty of government is to protect people's rights to life, liberty, and property. |
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Term
| The Declaration of Independence states that people are endowed by their Creator with certain unalienable Rights and states that these include the rights to life, liberty, and the pursuit of happiness. Where did these ideas come from? |
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Definition
| The philosophy of natural rights. |
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Term
| The second principle that contributes to American democracy is popular sovereignty. What is it? |
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Definition
| Popular sovereignty is the principle that government derives its power from the consent of the governed. Furthermore, people who are subject to the government's decisions have the right to a voice in deciding how those decisions are reached. |
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Term
| Where did the idea of popular sovereignty come from? |
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Definition
| This was a fundamental belief of the 18th century American colonists who demanded a say in how the colonies were governed. Following the Revolutionary War, the idea of popular sovereignty was one of the bases on which the government of the United States was founded. |
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Term
| What is constitutionalism? |
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Definition
| It's a way of thinking that combines the ideas of a limited government and the rule of law. These ideas are found throughout the Constitution. The government is entitled to exercise certain powers but its powers are also limited in order to protect the rights of the citizens. |
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Term
| Limited government means what? |
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Definition
| The government's powers are spelled out and limited by the laws and the Constitution. |
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Term
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Definition
| The rule of law states that neither the citizens nor government officials are permitted to break the law or violate the Constitution. |
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Term
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Definition
| Because the US government is based on the consent of the governed, majority rule is an important basic concept. Simply put, decisions are made by a vote of more than half of the people who participate, whether it is an election or act of the legislature. |
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Term
| The founders of the United States were aware that the majority might abuse the majority rule so what was created? |
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Definition
| Limits on the majority rule so that minority rights are guaranteed. Those with unpopular views, whether they are individuals or minority groups, must be protected from oppression by the majority. |
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Term
| What is the Bill of Rights? |
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Definition
| The Bill of Rights protects the basic rights of individual citizens. |
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Term
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Definition
| Federalism provides for the separation of powers and functions between the federal government and the government of the states. |
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Term
| What does the federal government control? |
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Definition
The federal government exercises supreme power throughout the country and has exclusive control over issues such as:
• Declaring war
• Making treaties with other countries
• National defense
• Regulating trade |
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Term
| What do the state governments control? |
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Definition
| Local issues covered by state and local laws The Tenth Amendment to the U.S. Constitution grants powers to the states that the Constitution has not assigned specifically to the federal government. |
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Term
Directions: Read the following statements, and then choose the principle that is addressed.
1. “All … will bear in mind this sacred principle, that though the will of the majority is in all cases to prevail, that will to be rightful must be reasonable; that the minority possess their equal rights, which equal law must protect and to violate would be oppression.” —Thomas Jefferson
A. limited government
B. minority rights
C. popular sovereignty
D. natural rights philosophy |
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Definition
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Term
Everyone deserves to enjoy certain freedoms and to have the opportunity to obtain a reasonable quality of life.
A. limited government
B. minority rights
C. popular sovereignty
D. natural rights philosophy |
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Definition
| D. natural rights philosophy |
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Term
Citizens are able to voice their opinions on the rules and laws by which they are expected to live.
A. limited government
B. minority rights
C. popular sovereignty
D. natural rights philosophy |
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Definition
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Term
The Scottish philosopher John Locke declared that the duty of government is to protect people’s rights to life, liberty, and property.
A. limited government
B. minority rights
C. popular sovereignty
D. natural rights philosophy |
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Definition
| D. natural rights philosophy |
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Term
At the time the U.S. Constitution was written, the federal government was not permitted to raise money for itself and had to depend on the states to provide the funds needed to operate the country.
A. limited government
B. minority rights
C. popular sovereignty
D. natural rights philosophy |
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Definition
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Term
| The structure of the US government is based on a principle called the separation of powers. Define it. |
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Definition
| To divide power so that no one branch of the government has too much influence. It also means that if any one branch of the government abuses its power, the other two are available to restrain it. This is known as a system of checks and balances. |
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Term
| How many branches are there in the US federal government and what are they? |
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Definition
There are three branches of government: The executive branch (the President), the legislative branch (Congress), and the judicial branch (the court system).
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Term
| When was the division of government first proposed and by whom? |
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Definition
| It was first proposed the French political philosopher Montesquieu in the 18th century. He believed that this division of power promoted liberty. |
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Term
| Each of the three branches of government serves a distinct purpose. The legislative branch, which is Congress, makes the laws. The executive branch is the President and the members of his or her administration. The President is elected separately from the members of Congress. The executive branch is responsible for enforcing the laws. It also has the power to veto acts of Congress, thus limiting the power of the legislative branch. The judicial branch, which is the court system, is responsible for interpreting the laws. |
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Definition
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Term
| The executive branch consists of? |
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Definition
| The president. He enforces the laws that the Legislative Branch (Congress) makes. |
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Term
| he Legislative part of our government is called Congress. What do they do? |
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Definition
| Congress makes our laws. Congress is divided into 2 parts. One part is called the Senate. There are 100 Senators -- 2 from each of our states. Another part is called the House of Representatives. Representatives meet together to discuss ideas and decide if these ideas (bills) should become laws. There are 435 Representatives. The number of representatives each state gets is determined by its population. Some states have just 2 representatives. Others have as many as 40. Both senators and representatives are elected by the eligible voters in their states. |
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Term
| The Judicial part of our federal government includes the Supreme Court and 9 Justices. What do they do? |
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Definition
| They are special judges who interpret laws according to the Constitution. These justices only hear cases that pertain to issues related to the Constitution. They are the highest court in our country. The federal judicial system also has lower courts located in each state to hear cases involving federal issues. |
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Term
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Definition
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Term
| The legislative brand of the government, AKA congress, is composed of two parts. What are they? |
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Definition
| The House of Representatives (the lower house) and the Senate (the upper house). These two houses are equal in power. |
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Term
| What is the difference between the Senate and the House of Representatives? |
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Definition
| They differ in how they are elected and the number of members in each house. |
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Term
| Describe how members of the House of Representatives are elected. |
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Definition
| Members of the House of Representatives are elected from districts that each include a roughly equal number of voters. The districts are redrawn (reapportioned) every 10 years based on the census. States with larger populations contain more electoral districts and therefore elect more members to the House. Members of the House serve two year terms. |
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Term
| Describe how the Senate members are elected? |
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Definition
| Each state gets to elect two senators regardless of the state's population. Thus, states with small populations have the same number of votes in the Senate as states with large populations. Senators are elected by all the voters in a state. They serve six year terms, with one third up for election every two years. |
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Term
| Who is the Speaker of the House? |
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Definition
| The Speaker of the House is the presiding officer of the House of Representatives and is elected by the members. He or she is typically the leader of the majority party. |
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Term
| The powers of Congress are listed where? |
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Definition
| Article I of the US Constitution. These listed powers are called enumerated powers. |
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Term
| What is the elastic clause? |
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Definition
| The elastic clause allows Congress to stretch its powers in Article I of the US constitution to fit specific situations as needed. |
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Term
| What are the enumerated powers? |
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Definition
| They include the powers to tax, to regulate commerce and the currency, to introduce bills, to declare war, to maintain the army and navy, to admit new states into the Union, to approve treaties, and to impeach the president. Most of these powers are shared by both houses, however, some are assigned to either the Senate or the House only. |
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Term
[image]
During the 113th Congress, which began on January 3, 2013, California had 53 representatives. What does that indicate?
A. California had a greater population than any other state at the time the Constitution was ratified.
B. At the time of this session of Congress, the population of California was greater than that of any other state.
C. More voters in California participated in the 2012 presidential election than in any other state.
D. California has the greatest land area, in square miles, of any state in the country. |
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Definition
| B. At the time of this session of Congress, the population of California was greater than that of any other state. |
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Term
[image]
What can you infer based on the map?
A. Texas has always had 36 representatives because it is the largest state by area.
B. Certain states will always have the greatest number of representatives.
C. The number of representatives for each state can change every 10 years based on census results.
D. Western states such as California and Oregon have a greater number of representatives than states in the east. |
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Definition
| C. The number of representatives for each state can change every 10 years based on census results. |
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Term
| The executive branch consists of? |
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Definition
| The President, the Vice president, and the agencies that enforce the laws of the United States. |
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Term
| The President is elected for how long? |
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Definition
| Four year term, and may serve no more than two terms. |
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Term
| Article II of the constitution outlines what? |
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Definition
| The responsibilities of the President. This includes serving as a commander in chief of the armed forces, appointing judges to the Supreme Court, nominating major executive officers, executing and enforcing laws enacted by Congress, and vetoing (rejecting) any bills sent by Congress. But Congress can override the President's veto (rejection) with a two-thirds vote of both houses. |
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Term
| Who has the power to negotiate and sign treaties with other countries? |
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Definition
| The President. But all treaties must be ratified by a two-thirds vote of the Senate. |
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Term
| The Constitution requires the President to give Congress information regarding what each year in January? |
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Definition
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Term
| The Constitution also established three qualifications for being elected President. What are they? |
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Definition
| A candidate must be at least 35 years old, must be a natural-born citizen of the United States, and must have lived in the country for a minimum of 14 years. |
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Term
| What are the responsibilities of the Vice President? |
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Definition
| To take on the presidency if the President dies/becomes disabled, and to serve as president of the Senate where his or her vote may be needed to break a tie. Other vice presidential duties are assigned at the President's discretion. |
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Term
| Who succeeds the President and Vice President if they are both unavailable? |
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Definition
| The Speaker of the House, followed by and the Senate President pro tempore, the cabinet members are included in the line of succession to the presidency in the order in which their departments were created. |
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Term
Before he enter on the Execution of his Office, he shall take the following Oath or Affirmation: “I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States.”
What is the central idea of the oath of office? The President will
A. protect the people of the United States.
B. support the U.S. Constitution.
C. work to preserve the land of the United States.
D. amend the U.S. Constitution as he or she finds it necessary. |
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Definition
| B. support the U.S. Constitution. |
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Term
What inference can be made about why the framers of the Constitution included the oath of office?
A. They wanted to ensure that every presidential inauguration included the same words.
B. They believed that every President would need to be protected and defended while in office.
C. They wanted to ensure that all future Presidents would follow the guidelines established in the Constitution.
D. They believed that the Constitution should be mentioned every four years so no one would forget it. |
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Definition
| C. They wanted to ensure that all future Presidents would follow the guidelines established in the Constitution. |
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Term
[The President] shall have power, by and with the advice and consent of the Senate, to make treaties, provided two thirds of the Senators present concur; and he shall nominate, and by and with the advice and consent of the Senate, shall appoint ambassadors, other public ministers and consuls, judges of the Supreme Court, and all other officers of the United States, whose appointments are not herein otherwise provided for, and which shall be established by law: but the Congress may by law vest the appointment of such inferior officers, as they think proper, in the President alone, in the courts of law, or in the heads of departments. —Excerpt from the U.S. Constitution
Which statement best reflects the POV of the framers of the constitution?
A. No single person should have too much power in the government.
B. The Senate should have the power to appoint people to certain public offices.
C. Congress is better able to make decisions about treaties than the President.
D. The President should not make any decisions without the consent of Congress.
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Definition
A. No single person should have too much power in the government. |
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Term
[image]
Based on the graph, which statement is true?
A. Most Presidents have had more than one party affiliation.
B. There have been more Republican than Democratic Presidents.
C. The last four Presidents have been affiliated with the Whig party.
D. The next President is more likely to be a Democrat than Republican. |
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Definition
| B. There have been more Republican than Democratic Presidents. |
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Term
| What is the President's Cabinet? |
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Definition
| The cabinet is a group whose role is to advise the Presid3ent on subjects related to each member's office. This group includes the Vice President and the head of executive departments, the Attorney General, and the secretaries of Agriculture, Commerce, Defense, Education, Energy, Health and Human Services, Homeland Security, Housing and Urban Development, Interior, Labor, State, Transportation, Treasury, and Veteran's Affairs. Each of these3 officials is appointed by the President then confirmed by the Senate and is responsible for running a major federal agency and for carrying out the day-to-day operations of the federal government. Each cabinet member takes the title of Secretary of his or her department with the exception of the head of the justice Department who is known as the Attorney General. |
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Term
| What does the judicial branch of the federal government include? |
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Definition
| The Supreme Court, whose responsibility is to determine whether or not laws are constitutional. This process is called the judicial review. The judicial branch is also responsible for determining the meaning of laws and whether or not laws have been followed. |
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Term
| The Supreme Court consists of? |
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Definition
| Nine justices who are appointed by the President and confirmed by the US Senate (upper house of legislative branch). Although there have been nine members since 1869, this number had formerly been as low as six. The exact number of justices is determined by Congress (legislative branch.) |
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Term
| How long do the Supreme Court Justices serve? |
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Definition
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Term
| What is the Chief Justice? |
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Definition
| The head of the justices in the Supreme Court. The others are known as associate justices. One responsibility of the Chief Justice is to administer the oath of office at presidential inaugurations. Another is to preside over impeachment hearings. |
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Term
| According to article III of the Constitution, the Supreme Court is empowered to do what? |
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Definition
| Rule on cases that involve a state and citizens from another state, controversies between states, and patent and copyright issues. |
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Term
| Does the Supreme Court generally hold trials? |
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Definition
| No, because their responsibility is largely to interpret what the law means. The justices may accept legal briefs, hear arguments, or ask questions of the parties in the case. |
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Term
| The judicial branch also includes the district courts and the US courts of appeal. What are their respective jobs? |
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Definition
| The district courts try most federal cases. The courts of appear are responsible for reviewing appealed district court cases. These course must abide by the decisions and interpretations of the Supreme Court and use these interpretations in future cases. |
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Term
| According to article V of the US Constitution, the constitution can be? |
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Definition
| Modified. These modifications are called amendments. |
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Term
| Thousands of amendments have been proposed but only __ have been approved? |
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Definition
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Term
| How does the amendment process work? |
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Definition
[image]
The process, which is spelled out in Article V of the constitution, begins in one of two ways. Either Congress or a group of the state legislatures can propose a change. The President plays no role in this process. The proposed amendment is presented to the states in the form of a joint resolution. Each state governor then submits the amendment to his or her state legislature. After an amendment has been proposed, three fourths of the state legislature must ratify, or approve, the change before it becomes law. The only amendment to have been ratified by all 50 states was the 12th Amendment. This amendment set the beginning and ending dates for presidential and congressional terms. |
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Term
What can be inferred from the ratification of the Twentieth Amendment?
A. Most states do not believe amendments are necessary.
B. States do not believe that the start and end dates for political terms are important.
C. All 50 states will never agree on proposed amendments in the future.
D. Just one amendment was ratified by all 50 states. |
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Definition
| D. Just one amendment was ratified by all 50 states. |
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Term
Congress once debated a proposed amendment that would have lowered the voting age from 18 to 16, but the proposal was defeated. What point of view does this defeat reflect?
A. A minority of representatives and senators favored raising the minimum voting age.
B. Most legislators believed that high school students are ready to vote.
C. The President believed that people should not be allowed to vote at 16 years of age.
D. Most representatives and senators thought that only people aged 18 or older should be able to vote. |
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Definition
| D. Most representatives and senators thought that only people aged 18 or older should be able to vote. |
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Term
| The first 10 amendments to the constitution that were proposed and ratified by the First Congress are known as? |
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Definition
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Term
| The Bill of Rights was proposed by who? |
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Definition
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Term
| Why was the Bill of Rights proposed? |
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Definition
| Several states wanted the Constitution to provide stronger protection for individual liberties. The amendments in the Bill of Rights place specific restrictions on the government's power and guarantee certain rights and civil liberties to citizens. These civil liberties include freedom of religion, freedom of speech, freedom of press and assembly, and freedom from unreasonable searches and seizures. |
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Term
| What is the first amendment? |
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Definition
| Freedom of religion, speech, the press, assembly and petition. |
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Term
| What is the Second Amendment? |
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Definition
| The right to keep and bear arms in order to maintain a well-regulated militia. |
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Term
| What is the Third Amendment? |
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Definition
| No quartering of soldiers in private homes without the owner's consent. |
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Term
| What is the Fourth Amendment? |
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Definition
| Freedom from unreasonable searches and seizures. |
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Term
| What is the Fifth Amendment? |
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Definition
| The right to due process of law; freedom from self-incrimination and double jeopardy. |
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Term
| What is the Sixth Amendment? |
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Definition
| The right of accused persons, such as the right to a speedy and public trial by jury. |
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Term
| What is the Seventh Amendment? |
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Definition
| The right by trial by jury in civil cases. |
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Term
| What is the Eighth Amendment? |
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Definition
| The right of freedom from excessive bail and from cruel and unusual punishments. |
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Term
| What is the Ninth Amendment? |
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Definition
| The rights in addition to those stated in the Constitution. |
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Term
| What is the 10th Amendment? |
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Definition
| The powers reserved to the states. |
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Term
1. Read each statement. Determine which amendment in the Bill of Rights applies to each situation. Write the number of the amendment on the line.
_______ A newspaper prints an editorial criticizing the actions of a political candidate.
_______ A person is selected to be a member of a jury during the trial of someone accused of criminal activity.
_______ During a routine traffic stop, authorities demand to search for stolen goods in the driver’s vehicle.
_______ A person is tried for a crime and found not guilty; however, many in the community believe that the verdict is wrong and the accused should be tried again.
_______ A homeowner purchases a personal firearm after robberies are committed in the area.
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Definition
1. First Amendment: freedom of speech.
2. Sixth Amendment: right to speedy and public trial by jury.
3. Fourth Amendment : freedom from unreasonable searches.
4. Fifth Amendment : no double jeopardy.
5. Second Amendment : right to bear arms. |
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Term
2. Several amendments in the Bill of Rights, including Amendments IV, V, and VI (4, 5, and 6), provide protection for people who are accused of a crime. Indicate which of the following rights are covered by these amendments by placing an X on the line.
_______ Protection against being tried twice for the same crime
_______ The right to freely practice religion
_______ The right to a speedy trial
_______ The right to freedom of the press
_______ Protection from being forced to house soldiers
_______ The right to bear arms
_______ The right to avoid self-incrimination
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Definition
2. Several amendments in the Bill of Rights, including Amendments IV, V, and VI (4, 5, and 6), provide protection for people who are accused of a crime. Indicate which of the following rights are covered by these amendments by placing an X on the line.
____x___ Protection against being tried twice for the same crime
_______ The right to freely practice religion
____x___ The right to a speedy trial
_______ The right to freedom of the press
_______ Protection from being forced to house soldiers
_______ The right to bear arms
____x___ The right to avoid self-incrimination
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Term
| Other rights protected by the federal government but not included in the Bill of Rights are economic rights. What are they? |
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Definition
| The right to own property or a business. |
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Term
| What are civic responsibilities? |
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Definition
| Responsibilities American citizens have to their country and community. Civic responsibilities include paying taxes, registering for military service, performing jury service, and obeying the law. |
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Term
| Of the 27 amendments to the constitution, four address who is able to vote. What do they guarantee? |
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Definition
| Citizens 18 years and older and men and women of any race can vote. The amendment also guarantees that citizens are not required to pay a special tax in order to vote. |
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Term
| How did Thomas Jefferson feel about the federal government's powers?h |
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Definition
| Thomas Jefferson wanted federal government to play a less active role. He wanted the powers of the President to be limited and he wanted the US to maintain a close relationship with France. |
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Term
| How did Alexander Hamilton feel about the federal government's powers? |
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Definition
| Alexander Hamilton believed that the US should have a strong federal government with a strong President. He believe the country should have a strong relationship with Great Britain. |
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Term
| Democrats core defining beliefs. |
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Definition
| In general, Democrats are more liberal, or left wing, and support a broad, more active role for the federal government. Democrats also support laws favoring workers and strong, government-run social programs. |
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Term
| Republicans core defining beliefs. |
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Definition
| Republicans are more conservative, or right wing, and generally favor the rights of the states rather than the federal government. They support policies that favor business owners and private solutions to social problems. |
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Term
| Presidential elections are held every __ years. On the first __ of __. |
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Definition
| Presidential elections are held every 4 years on the first Tuesday of November. |
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Term
| Senators and representatives are elected in off years, which take place when? |
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Definition
| Midway through the four-year presidential term. |
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Term
| In advance of the main general elections, political parties hold a series of what? |
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Definition
| Primary elections. In these elections candidates from the same party for the same office run against one another to determine the party's nominee in the general election. |
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Term
| The President is not directly elected by the people. Who is she or he elected by? |
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Definition
| The Electoral College is the formal body that actually elects the President. |
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Term
| What is the Electoral College? |
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Definition
| The Electoral College is composed of electors equal to the number of senators and representatives from that state in Congress. These electors cast votes for the presidential candidates. In order to win the presidency, a candidate must receive at least half of the electoral votes. Generally, the candidate who receives the majority of the citizens' votes within a state receives all of the electoral votes for that state. Because of the way the Electoral College works, a candidate who receives a majority of the citizens' votes nationwide may still fail to gain a majority of the electoral votes and thus lose the presidency. |
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Term
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Definition
| A course of action a government adopts regarding a given issue. The actions taken may include passing laws, enforcing rules/regulations, and providing funding or other resources. Most of the public policies of the US are implemented through the executive branch of the government. When deciding upon a public policy, it must be determined who will benefit and who will be responsible for the costs. |
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Term
| What are interest groups? |
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Definition
| Interest groups are people who share a common interest or concern. They come together to influence the government to adopt a certain policy or to make decisions that support their cause. Interest groups have an important influence on the shaping of public policy. |
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Term
| What does the term economics mean? |
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Definition
| The continuous exchange of goods, services, and resources that is necessary in any human society. |
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Term
| What is the most basic principle of economics? |
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Definition
| You can't get something for nothing. Everything has a cost. Cost may not be a matter of money, it can be computed in money, time, effort, or a combination of those things. Also, the things you want may not be material, e.g. academic success. |
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Term
| Individual choice plays an important role in economics why? |
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Definition
| Individuals make choices about what to do and not to do or what to buy and vice versa. Every economic issue involves individual choice. People must also make choices about what to give up in order to make a particular purchase. |
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Term
| What is opportunity cost? |
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Definition
| Opportunity cost refers to gainst hat are passed over in the choice of doing one thing instead of another. |
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Term
| Define cost-benefit analysis. |
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Definition
| To make the best economic choices, you need to weigh the cost (or what you need to give up) against the benefits (what you will gain.) |
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Term
| Define labor in reference to economics. |
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Definition
| Labor refers to workers and the work they do, physical and mental. |
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Term
| What is capital in reference to economics? |
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Definition
| Capital is the wealth used to finance a business. It can include money, buildings, or equipment used in manufacturing. |
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Term
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Definition
| Wages refer to the money workers earn from their labor. |
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Term
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Definition
| Profit is the excess capital earned when a good is sold for more than it cost to produce. |
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Term
| A business has a comparative advantage when? |
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Definition
| A business has a comparative advantage in producing a particular good if it can produce it at a lower cost than any other business. |
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Term
| What is productivity in reference to economics? |
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Definition
| Productivity refers to the output per unit of labor, or the rate at which goods or services are produced. |
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Term
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Definition
| Entrepreneurship is the quality of being an entrepreneur, or someone who owns and manages a business, shouldering the risk and effort involved in running that business. |
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Term
| What is specialization in reference to economics? |
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Definition
| Specialization means focusing on a limited area of economic activity. |
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Term
| What is an economic incentive? |
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Definition
| An economic incentive motivates or encourages people to do something. Positive economic incentives reward people for making certain choices. E.G. a tax deduction for gives to a charity is an incentive for people to donate. |
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Term
| What is a balanced budget in reference to economics? |
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Definition
| A balanced budget is one in which income is equal or greater than expenses. If you spend more than your income and borrow to make up the shortfall, you will end up in debt. |
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Term
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Definition
| When an individual's debt becomes so large that they cannot pay it back, they can declare bankruptcy. Bankruptcy is a legal procedure in which the individual's property is used to repay a portion of the debt. |
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Term
| What is a market in terms of economics? |
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Definition
| A market is a place where the seller of a particular good or service can meet with buyers. |
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Term
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Definition
| Microeconomics is the study of individual markets. |
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Term
| Markets operate according to the law of supply and demand. What is supply and demand? |
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Definition
| Supply is the amount of a good that is available and demand is the amount of an item that consumers wish to purchase. |
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Term
| When a demand is greater than the supply, what happens to the price and vice versa? |
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Definition
| When demand is great, the price of the item will rise. By contrast, if the supply is so abundant that it outstrips demand the prices will drop. |
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Term
| What is equilibrium in terms of economics? |
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Definition
| Equilibrium is the price at which the supply and demand for an item are balanced. At equilibrium price, producers can sell all that they produce and consumers can purchase all that they demand. |
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Term
| If a company spends more than it earns, this is called a? |
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Definition
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Term
| When more than one seller provides the same goods or services, that's called? |
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Definition
| Competition. Competition encourages sellers to lower prices to attract consumers or improve their product. |
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Term
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Definition
| When a seller is the only one to offer a good or service. When a seller has a monopoly, he or she can charge a higher price than would be possible in a competitive market. |
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Term
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Definition
| Investments is an item that is purchase in the hope that it will become more valuable in the future. E.g. an individual may buy a house as an investment hoping that it will increase in value. Businesses make investments, for example, buy purchasing new equipment that will help them produce more or better products to earn more money. |
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Term
| What are stock and bonds in regards to economics? |
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Definition
| Stock is issued by corporations and bonds by corporations or governments as investments. The corporations and governments sell the stocks and bonds to raise money. Over time, a stock or bond may increase in value and the purchaser may also receive interest or dividends. |
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Term
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Definition
| Macroeconomics is the study of the overall workings of a national economy and its relationship to international markets. |
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Term
| What are some major institutions involved in macroeconomics? |
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Definition
| Government agencies that collect tax revenue, such as the Internal Revenue Service, and those that regulate economic activity on a national scale such as the US federal Reserve. |
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Term
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Definition
| Fiscal policy refers to the way in which government collects and spends tax revenues. Each year the President presents a budget to Congress regarding fiscal policy. Congress then considers which programs to fund. |
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Term
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Definition
| Monetary policy relates to the supply of money, which is controlled by factors such as interest rates and reserve requirements for banks. Monetary policies include manipulating the money supply or interest rates in order to promote economic growth or combat inflation. |
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Term
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Definition
| Tariffs are taxes/duties paid on specified classes of imports and exports. A tariff adds to the cost of an imported good and is one of several trade policies a country can enact. |
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Term
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Definition
| Economists define inflation as a general, ongoing rise in the prices of goods and services. The inflation rate is generally reported as an annual percentage. In other words, if the inflation rate is 5 percent, prices in general have risen by 5 percent in a year. Deflation refers to a general reduction in prices in an economy. |
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Term
| Define GDP or gross domestic product. |
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Definition
| Gross domestic product is one of the primary indicators used to measure the strength of a country's economy. It represents the total dollar value of all the goods and services produced by a country over a specific time period. The gross domestic product is the main measure of production in the US. |
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Term
| Define unemployment rates, and what they're an indicator of. |
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Definition
| Unemployment rate defines how many people searching for employment but are unable to find work. This is another gauge of a country's economic health. |
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Term
| Describe a capitalist economy. |
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Definition
| In a capitalist economy, businesses and industry are in private hands and a free, competitive market sets wages and prices. |
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Term
| Describe a socialist economy. |
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Definition
| In a socialist economy, the government owns all the business and industry and fixes prices artificially. |
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Term
| What is a government bond? |
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Definition
| A government bond is, in effect, a loan. Investors pay the government the price of the bond. They can cash in the bond at any time, but the longer they hold it the more it is worth. The government pays them interest based on the length of the time they hold the bond. |
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Term
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Definition
| Sell to foreigners vs buy from foreigners. |
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Term
| How does colonization drive foreign policy? |
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Definition
| Colonization is one example of how economics can drive foreign policy. When a country acquires a colony, it controls the trade relationship. This fact helped to shape a foreign policy of aggressive European colonization from about 1500 to 1945, when colonies in Asia, Africa, and the Americas provided a number of commodities and resources Europeans could not produce for themselves— coffee, tea, sugar, cotton, spices, potatoes, copper, tin, and many more. |
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Term
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Definition
| When a nation has a political dispute with another country, it may choose to enact an embargo. An embargo means you do not export or import from that country. An embargo is sometimes called a quarantine. |
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Term
| At the urging of Alexander Hamilton, Congress established the Bank of the United States in 1791. Who opposed this action and why? |
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Definition
| Early on in American history, the federal government had little involvement in economic affairs. Many people, including Thomas Jefferson, had doubts about the government's right to interfere in economic matters. |
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Term
| The Bank of the United States had a charter that lasted how many years? |
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Definition
| 20 years, and expired in 1811. |
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Term
| The Supreme Court ruled that Congress had the right to regulate interstate commerce in 1824, under Article I of the Constitution. What did the court state? |
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Definition
| That only the limits on Congress's power in this area were those specifically stated in the Constitution. The court also said that the states could not interfere with the use of harbors and rivers. |
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Term
| Beginning in the early 1800s, the country's westward expansion was a key economic event. Why? |
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Definition
Settlers established farms in the Midwest and the Great Plains, motivated by a sharp rise is agricultural commodity prices and new methods of shipping farm products to world markets.
The discovery of gold in California in 1849 also sped up the pace of western migration and brought new wealth to many. |
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Term
| The second half of the 19th century was the great age of what? |
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Definition
| Railroad building and the rapid growth of industries based on steel and coal. |
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Term
| At the end of the 19th century, the government took a more active role in economic affairs why? |
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Definition
| In response to the demands from farmers, business people, and labor movements that the government intercede on their behalf. The Interstate Commerce Act of 1887 strengthened the role of Congress in regulating trade across state lines and increased its power to regulate railroads. |
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Term
| What was the Sherman Antitrust Act of 1890? |
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Definition
| An act that gave Congress the power to limit the establishment of business monopolies. |
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Term
| The Federal Reserve Act of 1913 created what? |
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Definition
| The modern banking system. This act established the Federal Reserve System, under which the country is divided into 12 Federal Reserve Districts. The system includes the Federal Reserve Board as the primary governing body of all US banks, as well as 12 regional Federal Reserve Banks -- one for each District. |
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Term
| What does the Federal Reserve bank do? |
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Definition
| It jointly implements the monetary policies decided on by the federal government. Each bank also regulates the commercial banks in its district. |
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Term
| What was the New Deal established in the 1930s? |
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Definition
| The New Deal, established in the 1930s by President Franklin Roosevelt, was created in response to the Great Depression. It enacted a set of far-reaching economic measures that were needed to address the dire economic conditions. It greatly expanded the role of the federal government in domestic affairs. Some of the programs provided food, shelter, and financial security to those in economic need. Others provided funds for building dams, roads, bridges, and other large structures. These building projects provided employment for thousands of people. Another major New Deal Program was Social Security, a guaranteed income to millions of Americans. |
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Term
| World War II brought an end to the depression, why? |
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Definition
| The demand for weapons, ships, and airplanes created jobs and paychecks for millions. When the war was over people spent freely on things that had been postponed during the war years: starting families, buying houses, and purchasing all kinds of consumer goods developed by new industries. It was an unprecedented economic boom that lasted 25 years. During this period, the US consolidated its position as the greatest economic power in the world. |
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Term
At the end of World War II there was strong economic growth due to?
A. a housing boom.
B. increased consumer demand.
C. development of new industries.
D. all of the above. |
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Definition
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Term
| 1. The Great Depression lasted into the late 1930s. How did economic conditions change when the United States entered World War II? |
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Definition
| More people were employed and as a result the depression era ended. |
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Term
| Which act followed the establishment of the US Federal Reserve? |
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Definition
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Term
| Who is responsible for determining the federal government's fiscal policy? |
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Definition
| Congress and the President. |
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