Final Exam Civics/Economics

35 terms by ssteach714 

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absolute advantage

situation that exists when a country can produce a good better than its tradtional trading partners can

appellate jurisdiction

the authority of some courts to review decisions made by lower courts

business cycle

economic patterns in which a free-market goes through periods of prosperity and depression

census

an official count of the number of people in a country

certificate of deposit

investments in which an amount of money invested for a specific period of time earns a guaranteed amount of interest

checks and balances

a system in which the powers of government are balanced among different branches so that each branch can limit the power of the other branches

circular flow model

an economic model that displays how households, businesses and the government interact in the U.S. economy

civics

the study of what it means to be a U.S. citizen

common law

customary law that develops from judges' decisions and is followed in situations not covered by statuatory law

concurrent powers

powers shared by both the federal and state governments

constitutional law

law based on the U.S. Consitution and the Supreme Court decisions

criminal law

the body of law that regulates the conduct of individuals as members of the state

delegated powers

powers that are strictly reserved to the federal government

elastic clause

Article I Section 8 Clause 18 of the government also known as the necessary and proper clause

executive branch

the branch of government that carries out the laws

federalism

a system of government in which the powers of government are divided between the national government, which governs the whole country and the state governments which government the people of the state

federal reserve system

the U.S. banking system that handles the banking needs of the federal government and regulates the money supply

foster home

a home of people who are unrelated to a child but who agree to act as the child's caregivers

free enterprise

principle that business owners in a free market are allowed to run their business in they see fit without any or little interference from the government.

free market

an economic system in which the buyers and sellers are free to exchange goods and services as they choose

government

organizations, institutions, and individuals that exercise political authority on behalf of a grouple of people

gross domestic product (GDP)

the value of all goods and services of produced in a country each year

impeach

to charge a government official with misconduct

inflation

a rise in the costs of goods and services

judicial branch

the branch of government that interprets the laws and punishes the lawbreakers

jury duty

serving on a jury

lagging indicators

economic signs that help economists deterine how long the current economic situation will continue

law of demand

an economic rule that states that buyers will demand more products when they can buy them at lower prices and fewer products when they must buy them at higher prices

law of supply

an economic rule that states that businesses will provide more products when they can sell them at higher prices and less goods when they must sell them at lower prices

legislative branch

the law making branch of government

monopoly

a company that controls all production of a good or service

mutual funds

investments that reduce the risk to shareholders by investing in many different stocks

tariff

a tax on products imported from other countries

trade barrier

a government action that limits the exchange of goods

trade deficit

situation in whicha nation buys more goods than it sells

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