Buras Final Exam Vocab
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Created by:
clairelaniermiller18 on May 11, 2011
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all vocab for final exam
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74 terms
Terms | Definitions |
|---|---|
 Parliamentary government | a government in which an elected assembly has both legislative and executive powers |
| Command economy | when all means of production-land, buildings, factories, and machinery belong to the government |
| Duma | the lower house of the Federal Assembly in Russia with 450 members who are elected from districts |
| Federation Council | upper house of the Federal Assembly in Russia with 178 members |
| Theocratic republic | has a constitution based on a strict interpretation of religion, citizens vote for candidates for public office, but the rights of citizens, esp. women, are limited |
| Junta | dictatorship run by a single person or by a small group that usually consists of military officers' |
| Martial law | also called military law-junta's use military power to control of a government, not by the guarantees of the constitution |
| Ethnic groups | also called tribal groups-since changing to a democracy is difficult for a nation, these groups usually fight to keep their power |
| Terrorism | a political strategy that uses violence against people or property to achieve a goal which is often to force a change in government policy or society |
| Weapons of mass destruction | chemical, biological, and nuclear weapons that kill large numbers of people-a goal of the U.S. when invading Iraq was to end Saddam Hussein's program of building these. |
| Nuclear proliferation | spread of nuclear weapons to nations that do not have nuclear capabilities-one of the greatest dangers in global security |
| Capitalism | a system in which buyers and sellers make their own choices about what to produce, how much to produce, and for whom. |
| Free enterprise and Private enterprise | other names for the capitalist system |
| Mixed economies | the economy of the U.S.-it is involved in setting economic and social policies |
| Factors of Production | basic resources in every economic system |
| Natural resources | a factor of production; includes air, soil, iron, coal, etc. |
| Labor | a factor of production; human resources, meaning workers |
| Capital | means of production that includes money, factories, and machinery used to produce other goods and services |
| Entrepreneur | a person who organizes the other factors of production in order to produce goods and services and who risks their own capital to own and run a business |
| Traditional economy | an economy in which people exchange goods and services |
| Market economy | an economy in which buyers and sellers decide what to make, how much to make, and for whom |
| Developing nation | a nation whose economy are based on farming and the export of natural resources |
| Socialism | an economic system in which the government owns the basic means of production and decides how resources should be used and provides social services such as healthcare and welfare |
| Nationalization | characteristic of socialism. It is when the central government takes over certain industries such as transportation and steel. |
| Central planning | characteristic of socialism that is an economy in which the government decides how resources will be used |
| Industrialization | the growth of industries such as manufacturing |
| Collectivization | process of taking over privately owned property |
| Commune | owned by the government; small farms that have been combined |
| Technology | use of science in business and industry and includes the ability to move raw materials and goods quickly |
| Quota | allows only a certain amount of a good, such as tuna, to be brought into a country during a certain time period |
| Subsidy | government payments to the producers of a good or service |
| Free trade | trade without barriers |
| Domestic policy | policy that relates to government regulations and programs in the United States |
| Mixed market economy | an economy in which the government is involved in setting economic and social policy |
| Free trade | trade without barriers |
| Trust | a combination of several corporations into a single business |
| Monopoly | the control of an industry or most of in industry by one company |
| Deregulate | to remove regulations |
| Bargain collectively | to negotiate a contract between a union and a company |
| Union shop | A shop where nonunion members may be hired if they join the union |
| Global warming | the warming of the Earth's surface |
| Social welfare program | A program that provides benefits to individuals, especially those in need |
| Entitlement programs | government programs, such as Social Security and unemployment insurance, that must be funded every year |
| Public assistance program | A program that pays benefits to poor people who do not contribute to the program |
| Equal access | the guarantee that schools do not discriminate on the basis of race or gender |
| Financial aid | money provided by the federal government for students to use to fund their education |
| School voucher | a grant of money to parent of children in lower-performing public schools to be used for sending children to private schools |
| Charter school | public school that does not have to obey all the rules and regulations of public schools |
| Urban renewal | rebuilding |
| Public housing | housing for low-income families |
| Mass transit | form of transportation that transports a large number of people at one time |
| Taxes | payment by individuals and business to support the activities of government |
| Progressive Tax | a tax based on a person's or business' ability to pay |
| Exemption | a monetary exception made for a person who depends on the person being taxed for food, clothing, and shelter |
| Dependents | a person who depends on the person being taxed for food, clothing, and shelter |
| Payroll tax | a tax collected from the employees and employers to pay for major social programs |
| Protective Tariff | also called high a customs duty, a tax used to raise money for the government |
| Tax Credit | a credit used in order to lower taxes |
| Regressive Tax | a tax for which everyone is taxed at the same rate |
| Deficit | the amount of money spent is more than the amount of money collected |
| Surplus | more money is collected than spent |
| National debt | money owed by the government as a result of spending and borrowing money |
| Appropriate | to set aside money for certain uses |
| Controllables | the 30 percent of the yearly budget that the president and Congress have control over |
| Uncontrollable | the 70 percent of the national budget that is required by law or earlier obligations to be spent |
| Entitlement | government programs, such as Social Security and unemployment insurance, that must be funded every year |
| Discretionary spending | controllable spending |
| Continuing resolution | a document, signed by the president, that allows agencies to continue operating at the same rate of funding as the previous budget until an appropriations bill is passed |
| Fiscal policy | policy that uses government spending and taxing to influence the economy through government spending |
| Monetary Policy | policy that controls the supply of money in the economy and the cost of borrowing to influence the money. Controlled by the Federal Reserve System. This controls the amount of money in the economy. |
| Federal Reserve System | the system that controls monetary policy. Sometimes called the FED or Banker's Bank |
| Nonpartisan | independent of political pressure |
| Discount Rate | an interest rate |
| Reserve requirement | the amount of money that member banks must keep in the main Federal Reserve Banks |
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