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Red Scare

a period of general fear of communists

abolition

the act of doing away with something such as the abolitionist movement in the 19th century to do eliminate slavery

absolute advantage

the ability of one country or company, using the same quantity of resources as another country or company, to produce a particular product at a lower absolute cost

absolute monarchy

a heredity ruler controls all of the functions of a government; for example, the tsars of Russia

absolutism

a system of government in which a monarch is the only source of power

amendments

changes in or addition to a constitution or law

antitrust legislation

laws passed by federal and state governments to prevent new monopolies and break of existing ones

apartheid

a policy that keeps races separate, such as in South Africa until 1989

bias

a perspective, preference, or inclination that inhibits impartial judgement

blacklist

a list of individuals or organisations that have incurred disapproval or suspicion or are to be boycotted or otherwise penalized

circular flow model

a diagram that shows the flow of economic activity among sectors of the economy

civil rights

a term used for acts of government that make constitutional guarantees a reality for all people

clear and present danger

a principal established by the Supreme Court that limits free speech if the words will bring about substantive evil

command economy

an economy in which all decisions on production and consumption are made by a central government

comparative advantage

the ability to produce goods of services at a lower opportunity cost than other individuals or countries

conscientious objector

an individual who on the basis of religious moral principles refuses to bear arms or serve in the military

constitution

a body of fundamental laws establishing the principals, structures, and processes of a government

constitutional

a law or other governmental action that aligns with the provisions of a Constitution

constitutional monarchy

a heredity ruler has limits on his/her power, for example, kings and queens of Great Britain

credit

the purchase of goods or services in the present with the promise to pay for them in the future

critique

a critical review or commentary

data

factual information organized for analysis

democracy

a system of government in which political control is exercised by all people, either directly or through their elected representatives

dictator

a leader of country who has absolute power and authority

environment

the totality of external physical conditions that affect and influence the growth, development, and survival of organisms

exports

goods sold to other countries

federal reserve system

a national banking system, created in 1913, that controls the United States money supply and availability of credit

imports

goods purchased from other countries

infrastructure

an underlying base or structure for an organization or system

interdependence

being mutually dependent; for example, countries trading with each other become dependent on the products or goods received from the other country

interest rates

the percentage of a loan that must be repaid in addition to paying the principal

international trade

the exchange of goods between countries

libel

false and malicious use of printed words that damage a person's reputation

logical fallacies

statements or arguments based on a false or invalid inference

market economy

an economy in which decisions on production and consumption are made by individuals acting as buyers and sellers

McCarthyism

the attacks, often unsubstantiated, by Senator Joseph McCarthy of being communist

mixed economy

an economy that combines features of more than on of the traditional, market, and command systems

monarchy

a system of government headed by a monarch whose person is inherited

monetary policy

a policy that involves changing the rate of growth of the supply of money in circulation in order to affect the cost and availability of credit; the rates are established by the federal reserve system

money

anything used as a medium of exchange

opportunity cost

the value of the next best alternative given up when a choice is made

pacifists

against war and fighting

parliamentary democracy

a system of government in which the executive leaders are chosen by and responsible to the legislature, as well as being members of the legislature, as in Great Britain

presidential democracy

a system of government characterized by a separation of powers between independent and coequal executive and legislative branches, such as in the United States

productive resources

the resources used to make goods and services; for example, natural resources, human resources, and capital goods

propaganda

the spreading of ideas to promote a certain cause or to damage an opposing cause

protectionism

efforts to restrict imports in order to protect domestic industries

quotas

the maximum number of people or products that may be admitted to an institution or country

recession

a downturn in the business cycle during which the GDP does not grow for at least 6 months

regulation

the act of controlling or directing according to rule, principle, or law

slander

false and malicious use of spoken words that damage a person's reputation

source

a person or document that provides information

specialization

the concentration of production on fewer kinds of goods and services than are consumed

standard of living

a person's or group's level of material, well-being, as measured by education, housing, health care, and nutrition

stereotype

an oversimplified conception, opinion, or image

suffrage

the right to vote

supreme court decisions

legal determinations made by the highest court in the US, sometimes determining the constitutionality of laws

tariffs

taxes imposed on imported goods

theocracy

a system of government headed by one or more religious leaders who claim to rule by Divine authority

thesis

a proposition that is supported by an argument

topic

the subject of a speech or research paper

traditional economy

an economy in which decisions on production and consumption are based upon customs, beliefs, rituals, and habits

unstated assumptions

supporting ideas that are not explicitly presented in a source

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