a.c. exam part 2
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58 terms
Terms | Definitions |
|---|---|
 EXCHANGE RATE | what the price of your nation's currency is in terms of another's currency |
| EXECUTIVE BRANCH | carries out the laws |
| EXPRESSED POWERS | Powers specifically granted to the national government |
| FACTOR MARKETS | the markets where productive resources are bought and sold |
| FCC | a way the government regulates broadcasting, cannot censor broadcast, can penalize stations that violate rules |
| FEDERALISM | form of government in which power is divided between the federal government and the states |
| FIXED COST | costs, or expenses that are the same no matter how many units of a good are produced, examples are mortgage payments and property taxes |
| FOMC | the most powerful committee of the Fed, because it makes the decisions that affect the economy as a whole by manipulating the money supply |
| FREE TRADE | convincing other countries not to pass laws that block or limit trade |
| GDP | it is the total value, in dollars, of all the final goods and services produced in a country during a single year; gross domestic product |
| GENOCIDE | the deliberate killing of a racial or cultural group |
| GEORGE WASHINGTON | Head of the Constitutional Convention, meaning that he led all of the meetings, and the people loved him |
| GLITTERING GENERALITY | statement for candidate to look good, no backing up issue though |
| GLOBAL INTERDEPENDENCE | people and nations all over the world now depend upon one another for many goods and services |
| GLOBALIZATION | individuals and nations working internationally across barriers of distance, culture, and technology |
| GREAT COMPROMISE | Combines the Virginia and New Jersey Plan, creates 2 houses: the Senate which had 2 members for each state (New Jersey), and the House of Representatives which was based on the population of the state (Virginia) |
| HOUSE OF COMMONS | Serve five-year terms; LAWMAKERS |
| HOUSE OF LORDS | Highest court of appeal |
| HUMAN RIGHTS | the fundamental rights that belong to every person on earth |
| IMMIGRANTS | people who move permanently to a new country |
| IMPLIED POWERS | powers that congress has that are not stated explicitly in the Constitution |
| INCENTIVES | reward offered to try to persuade people to take certain economic actions |
| INFLATION | when the production of goods and services cant keep up with the growth in demand and prices begin to rise |
| INTENSITY | refers to the strength of opinion on a given issue |
| INTEREST GROUPS | people who share a point of view about an issue sometimes unite to promote their beliefs in a group |
| INTERNATIONAL TRIBUNALS | courts with authority from the UN to hear cases and make judgments about violations of international human rights law |
| INTERNATIONALISM | the idea that nations should cooperate to promote common aims, such as supporting economic development and fighting terrorism |
| INTOLERABLE ACTS | Coercive acts; restricted colonies rights |
| JUDICIAL BRANCH | interprets and applies the laws |
| JURISDICTION | A courts authority to hear and decide cases |
| LABOR | the nations labor force or human resources |
| LABOUR PARTY | Gordon Brown; More active role for government; Democrat party |
| LAW OF DEMAND | quantity demanded and price move in opposite directions |
| LAW OF SUPPLY | the principle that suppliers will normally offer more for sale at higher prices than at lower prices |
| LEGISLATIVE BRANCH | lawmakers |
| LIBEL | spreading lies that are PRINTED |
| LOBBYIST | representatives of interest groups who contact lawmakers or other government officials directly to influence their policy making |
| MARKET ECONOMY | system where individuals own the factors of production and make economic decisions through free interaction |
| MAYFLOWER COMPACT | It was the 1st example of direct democracy; all men can vote, and majority rules |
| MEDIUM | a way of communicating |
| MERCANTILISM | the theory that a country should sell more goods to another country than it buys |
| MIXED ECONOMY | combines basic elements of a pure market economy and a command economy; combines characteristics of more than one type of economy |
| MONETARY POLICY | involves controlling the supply of money and the cost of borrowing money according to the needs of the community |
| MULTINATIONALS | firms that do business or have offices or factories in many countries |
| NAME CALLING | tear the other candidate apart |
| NATURAL RESOURCES | all the "gifts of nature" that make production possible |
| NATURALIZATION | the legal process to become a citizen, and there are 2 ways: by birth and by foreigners who choose to become citizens |
| NEEDS | required for survival, such as food |
| OPPORTUNITY COST | the cost of the next best use of your time or money when you choose to do one thing rather than another |
| ORIGINAL JURISDICTION | the authority to hear cases for the first time |
| PARLIAMENTARY SYSTEM | 3 branches of government (executive and legislative branches are one); Prime Minister chosen by members of Parliament; some one other than the Prime Minister could be head of state |
| PATRIOTISM | love for one's country |
| PLAIN-FOLKS | candidate acting like a normal person to relate to us |
| POLLS | allows officeholders to keep in touch with citizens changing ideas about issues, officials don't have to wait until the next election to see if the people approve or disapprove of government policies |
| POPULAR SOVEREIGNTY | the notion that power lies with the people |
| PRECEDENT | a ruling in an earlier case that was similar |
| PRESIDENT PRO TEMPORE | presiding officer of the Senate if the Vice President is absent, Robert Byrd |
| PRICE | 1. Prices in a competitive market do not favor either the producer or the consumer; 2. Buyers and sellers react to the new level of prices and adjust their consumption and production accordingly; 3. Consumers have the freedom to choose between a variety of products at a wide range of prices; 4. Allows us to make decisions quickly and efficiently |
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