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From notes and web stuff

1st Amendment

protects the freedom of speech, religion, press, the right to assemble, and to petition the government

2nd Amendment

protects the right to bear arms

3rd Amendment

prohibits the forced quartering of soldiers out of war time

4th Amendment

prohibits unreasonable searches and seizures and set out requirements for search warrants based on probable cause

5th Amendment

Sets out rules for indictment by grand jury and eminent domain, protects the right to due process, and prohibits self-incrimination and double jeopardy

6th Amendment

protects the right to a fair and speedy public trial by jury, including the rights to be notified of the accusations, to confront the accuser, to obtain witnesses and to retain counsel

7th Amendment

provides the right to trial by jury in certain civil cases, according to common law

8th Amendment

prohibits excessive fines, and excessive bail, as well as cruel and unusual punishment

9th Amendment

protects rights not enumerated in the constitution

10th Amendment

limits the powers of the federal government to those delegated to it by the constitution

11th Amendment

immunity of states from suits out-of-state citizens and foreigners not living within the state borders (lays the foundation for sovereign immunity)

12th Amendment

revises presidential election procedures

13th Amendment

abolishes slavery and involuntary servitude, except as punishment for a crime

14th Amendment

defines citizenship, contains the privileges or immunities clause, the equal protection clause, and deals with post-civil war issues

15th Amendment

prohibits the denial or suffrage based on race, color, or previous condition of servitude

16th Amendment

allows the federal government to collect income taxes

17th Amendment

establishes the direct election of United States senators by popular vote

18th Amendment

establishes prohibition of alcohol

19th Amendment

establishes women's suffrage

20th Amendment

fixes the dates of term commencements for Congress and the president; known as the lame duck amendment

21st Amendment

repeals the 18th amendment

22nd Amendment

limits the president to 2 terms, or a maximum of 10 years

23rd Amendment

provides for representation of Washington D.C. in the Electoral College

24th Amendment

prohibits the revocation of voting rights due to the non-payment of poll taxes

25th Amendment

codifies the Tyler Precedent; defines the process of presidential succession

26th Amendment

establishes the official voting age to be 18 years old

27th Amendment

prevents laws affecting Congressional salary from taking effect until the beginning of the next session of Congress

The 1st 10 amendments are what part in the Constitution

the Bill of Rights

How many articles are there in the Constitution?

seven

How many states attended the Constitutional convention?

twelve out of thirteen (Rhode Island did not attend)

Describe Consumer Credit

must repay the principal, and pay the finance change (buy now. pay later)

What is Annual Percentage Rate (APR)

the yearly cost of credit

Why was the Federal Reserve established?

so that citizens would trust the bank again after the Great Depression happened

How do Federal Reserve banks get their money?

trust and bonds

What do banks do with the money not held in reserve?

they loan it to make interest

Why can't all depositors in a bank withdraw all of their money at once?

because they are loaning it to other people

List 3 ways the Federal Reserve can affect the money supply:

changing the amount kept in reserves; buying and selling government bonds; and loaning money out to bank when they are short on reserves

Why does the Federal Reserve want to affect the money supply?

to control inflation

What happens when to much money is in circulation?

inflation

What happens when too little money is in circulation?

recession

What is a monopoly?

when 1 company controls the supply of all, or most of, a good or service; little to no competition exists; potential rivals are unable to enter a market

What is Laissez Fair?

government approach to businesses during the late 1800's and early 1900's; changed after the Great Depression and today a businesses must follow

Define the Sherman Antitrust Act (1890) and Clayton Antitrust Act (1914)

made most monopolies illegal and created the Federal Trade Commission to enforce these laws

What is a Oligopoly?

when a few large companies control the supply of a good or service; since there are few they are dependent on each other

What is Collusion?

illegal agreement between companies in an oligopoly to raise prices and profits

Define Economic Indicators

measures of the condition of the economy

What is the Gross Domestic Product (GDP)?

total market value of all final goods and services produced in one year

What are the 5 types of unemployment?

frictional, structural, seasonal, cydical, and induced

What is Frictional unemployment?

natrual unemployment

What is Structural unemployment?

skill no longer meets the needs of employer

What is Seasonal unemployment?

products only in demand part of the year

What is Cydical unemployment?

unemployment from natrual cycle of economy

What is Induced employment?

caused by government policy

Define Monetary policy

Federal Reserves power to control the supply of money to help control inflation and to stimulate economy government

Define Fiscal policy

the governments' way of regulating the economy by increasing or decreasing taxes and through increasing or decreasing government spending

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