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63 terms

ogt quiz 2/22/12

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Red Scare
a period of general fear of communists
abolition
the act of doing away with something such as the abolitionist movement in the 19th century to do eliminate slavery
absolute advantage
the ability of one country or company, using the same quantity of resources as another country or company, to produce a particular product at a lower absolute cost
absolute monarchy
a heredity ruler controls all of the functions of a government; for example, the tsars of Russia
absolutism
a system of government in which a monarch is the only source of power
amendments
changes in or addition to a constitution or law
antitrust legislation
laws passed by federal and state governments to prevent new monopolies and break of existing ones
apartheid
a policy that keeps races separate, such as in South Africa until 1989
bias
a perspective, preference, or inclination that inhibits impartial judgement
blacklist
a list of individuals or organisations that have incurred disapproval or suspicion or are to be boycotted or otherwise penalized
circular flow model
a diagram that shows the flow of economic activity among sectors of the economy
civil rights
a term used for acts of government that make constitutional guarantees a reality for all people
clear and present danger
a principal established by the Supreme Court that limits free speech if the words will bring about substantive evil
command economy
an economy in which all decisions on production and consumption are made by a central government
comparative advantage
the ability to produce goods of services at a lower opportunity cost than other individuals or countries
conscientious objector
an individual who on the basis of religious moral principles refuses to bear arms or serve in the military
constitution
a body of fundamental laws establishing the principals, structures, and processes of a government
constitutional
a law or other governmental action that aligns with the provisions of a Constitution
constitutional monarchy
a heredity ruler has limits on his/her power, for example, kings and queens of Great Britain
credit
the purchase of goods or services in the present with the promise to pay for them in the future
critique
a critical review or commentary
data
factual information organized for analysis
democracy
a system of government in which political control is exercised by all people, either directly or through their elected representatives
dictator
a leader of country who has absolute power and authority
environment
the totality of external physical conditions that affect and influence the growth, development, and survival of organisms
exports
goods sold to other countries
federal reserve system
a national banking system, created in 1913, that controls the United States money supply and availability of credit
imports
goods purchased from other countries
infrastructure
an underlying base or structure for an organization or system
interdependence
being mutually dependent; for example, countries trading with each other become dependent on the products or goods received from the other country
interest rates
the percentage of a loan that must be repaid in addition to paying the principal
international trade
the exchange of goods between countries
libel
false and malicious use of printed words that damage a person's reputation
logical fallacies
statements or arguments based on a false or invalid inference
market economy
an economy in which decisions on production and consumption are made by individuals acting as buyers and sellers
McCarthyism
the attacks, often unsubstantiated, by Senator Joseph McCarthy of being communist
mixed economy
an economy that combines features of more than on of the traditional, market, and command systems
monarchy
a system of government headed by a monarch whose person is inherited
monetary policy
a policy that involves changing the rate of growth of the supply of money in circulation in order to affect the cost and availability of credit; the rates are established by the federal reserve system
money
anything used as a medium of exchange
opportunity cost
the value of the next best alternative given up when a choice is made
pacifists
against war and fighting
parliamentary democracy
a system of government in which the executive leaders are chosen by and responsible to the legislature, as well as being members of the legislature, as in Great Britain
presidential democracy
a system of government characterized by a separation of powers between independent and coequal executive and legislative branches, such as in the United States
productive resources
the resources used to make goods and services; for example, natural resources, human resources, and capital goods
propaganda
the spreading of ideas to promote a certain cause or to damage an opposing cause
protectionism
efforts to restrict imports in order to protect domestic industries
quotas
the maximum number of people or products that may be admitted to an institution or country
recession
a downturn in the business cycle during which the GDP does not grow for at least 6 months
regulation
the act of controlling or directing according to rule, principle, or law
slander
false and malicious use of spoken words that damage a person's reputation
source
a person or document that provides information
specialization
the concentration of production on fewer kinds of goods and services than are consumed
standard of living
a person's or group's level of material, well-being, as measured by education, housing, health care, and nutrition
stereotype
an oversimplified conception, opinion, or image
suffrage
the right to vote
supreme court decisions
legal determinations made by the highest court in the US, sometimes determining the constitutionality of laws
tariffs
taxes imposed on imported goods
theocracy
a system of government headed by one or more religious leaders who claim to rule by Divine authority
thesis
a proposition that is supported by an argument
topic
the subject of a speech or research paper
traditional economy
an economy in which decisions on production and consumption are based upon customs, beliefs, rituals, and habits
unstated assumptions
supporting ideas that are not explicitly presented in a source