Situation that exists when a country can produce a good better than its trading partners can.
Large farms that are owned by corporations and that rely heavily on mechanized equipment.
A method of settling differences between labor unions and employers in which a third party's decision must be accepted by both sides.
Process during which an accused person appears before a court to enter a plea of guilty or not guilty.
Money or property an accused person gives a court to hold as a guarantee that he or she will appear for trail.
balance of power
A situation in which countries or groups of countries have equal levels of strength.
The person named in an insurance policy to receive the amount of the policy when the policyholder dies.
Bill of Rights
The first 10 amendments to the US Constitution, which set forth basic rights guaranteed to all Americans.
A certificate of debt issue by governments and corporations to persons from whom they have borrowed money.
Economic patterns in which a free-market economy goes through periods of prosperity and depression.
Meetings of party leaders to determine party policy or to choose the party's candidates for public office.
certificates of deposit
Investments in which an amount of money invested for a specified period of time earns a guaranteed rate of interest.
An economic model that displays how households, businesses, and the government interact in the US economy.
The body of law that governs relationships among individuals and that defines people's legal rights.
A process in which representatives of a labor union and an employer work to reach an agreement about wages and working conditions.
Customary law that develops from judges' decisions and is followed in situations not covered by statutory law.
An economic system based on the theories of Karl Marx and in which the means of production are owned by the government and the government decides what will be produced.
Method of determining which products or services offer a nation the greatest absolute advantage.
A statement written by a Supreme Court justice who agrees with the majority's decision but for different reasons.
A business organization chartered by a state government and given power to conduct business, sell stock, and receive protection of state laws.
criminal justice system
The system of police, courts, and corrections used to bring criminals to justice.
A form of government in which the people of a country either rule directly or through elected representatives.
A sharp decline in a country's business activity, during which many workers lose their jobs and many businesses close down.
A statement written by a Supreme Court justice who disagrees with the majority's decision.
Lower federal courts that have original jurisdiction in most cases involving federal laws.
Article 1, Section 8 of the US Constitution; known also as the "necessary and proper" clause that allows Congress to extend its delegated powers.
A mutual understanding between the president of the United States and the leader of a foreign government.
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 govern the people of each state.
Federal Reserve System
The US banking system that handles the banking needs of the federal government and regulates the money supply.
full faith and credit clause
The provision in the US Constitution ensuring that each state will accept the decisions of civil courts in other states.
The body within the United Nations that discusses, debates, and recommends solutions to problems.
Powers not specifically granted to Congress by the US Constitution that are suggested to be necessary to carry out the powers delegated to Congress under the Constitution.
Organizations of people with common interests ho try to influence government policies and decisions.
Joints Chiefs of Staff
The group made up of the highest-ranking officers from the army, navy, and the air force that advises that president on military affairs.
The power of the US Supreme Court to determine if a law passed by Congress or a presidential action is in accord with the Constitution.
Organizations of workers forme to bargain for higher wages and improved working conditions and to protect workers' rights.
Economic signs that help economists determine how long the current economic situation will last.
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.
Economic signs that help economists make predictions about future economic growth.
A system in which government powers are carefully spelled out to prevent government from becoming to powerful.
An economic system in which individuals are free to compete, to earn a living, to earn a profit, and to own property.
A method of settling disputes between labor unions and employers through the use of a third party who offers a nonbinding solution.
The value of an alternative good or service that a company or country has chosen not to produce in order to specialize in something else.
An official act by the president or by a governor forgiving a person convicted of a crime and freeing that person from serving out his or her sentence.
An agreement between the prosecutor and the defense in which an accused person pleads guilty to a reduced charge.
A means by which the president can reject a bill, when Congress is not in session, by not signing it.
The reason for an arrest, based on the knowledge of crime and the available evidence.
Groups seeking to promote the interests of the general public rather than just one part of it.
A system of government insurance that provides benefits for retired people, people with disabilities, unemployed people, and people with job-related injuries or illnesses.