LAST History & Social Science Prep Part 12
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14 terms
Terms | Definitions |
|---|---|
 Separation of power between Federal and State government. | Such a system was a natural outgrowth of the colonial relationship between the Americans and the mother country of England. |
| checks and balances | A system that allows each branch of government to limit the powers of the other branches in order to prevent abuse of power |
| rule of law | principle that the law applies to everyone even those who govern |
| Political body that has the power to impeach government officials including the President | The House of Representatives |
| Political body that has the power to try government officials including the President | The Senate |
| Judiciary Act of 1789 | In 1789 Congress passed this Act which created the federal-court system. The act managed to quiet popular apprehensions by establishing in each state a federal district court that operated according to local procedures. |
| unitary government | a centralized government in which all government powers belong to a single central agency |
| presidential government | executive and legislative branches of government are separate, independent of one another, and coequal |
| inflation | a general and progressive increase in prices |
| oligopoly | (economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors |
| traditional economies | subsistence countries; little surplus is produced and little need for market, things are done the way they have always been done; economic decisions are based on custom or habit |
| command economies | economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow |
| capitalist economies | based on the private ownership of property and the investment of capital for the purpose of making a profit |
| Adam Smith | Scottish economist who advocated private enterprise and free trade (1723-1790), wrote Wealth of Nations, considered the father of modern capitalism. |
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