35 terms

Final Exam Civics/Economics

absolute advantage
situation that exists when a country can produce a good better than its tradtional trading partners can
appellate jurisdiction
the authority of some courts to review decisions made by lower courts
business cycle
economic patterns in which a free-market goes through periods of prosperity and depression
an official count of the number of people in a country
certificate of deposit
investments in which an amount of money invested for a specific period of time earns a guaranteed amount of interest
checks and balances
a system in which the powers of government are balanced among different branches so that each branch can limit the power of the other branches
circular flow model
an economic model that displays how households, businesses and the government interact in the U.S. economy
the study of what it means to be a U.S. citizen
common law
customary law that develops from judges' decisions and is followed in situations not covered by statuatory law
concurrent powers
powers shared by both the federal and state governments
constitutional law
law based on the U.S. Consitution and the Supreme Court decisions
criminal law
the body of law that regulates the conduct of individuals as members of the state
delegated powers
powers that are strictly reserved to the federal government
elastic clause
Article I Section 8 Clause 18 of the government also known as the necessary and proper clause
executive branch
the branch of government that carries out the laws
a system of government in which the powers of government are divided between the national government, which governs the whole country and the state governments which government the people of the state
federal reserve system
the U.S. banking system that handles the banking needs of the federal government and regulates the money supply
foster home
a home of people who are unrelated to a child but who agree to act as the child's caregivers
free enterprise
principle that business owners in a free market are allowed to run their business in they see fit without any or little interference from the government.
free market
an economic system in which the buyers and sellers are free to exchange goods and services as they choose
organizations, institutions, and individuals that exercise political authority on behalf of a grouple of people
gross domestic product (GDP)
the value of all goods and services of produced in a country each year
to charge a government official with misconduct
a rise in the costs of goods and services
judicial branch
the branch of government that interprets the laws and punishes the lawbreakers
jury duty
serving on a jury
lagging indicators
economic signs that help economists deterine how long the current economic situation will continue
law of demand
an economic rule that states that buyers will demand more products when they can buy them at lower prices and fewer products when they must buy them at higher prices
law of supply
an economic rule that states that businesses will provide more products when they can sell them at higher prices and less goods when they must sell them at lower prices
legislative branch
the law making branch of government
a company that controls all production of a good or service
mutual funds
investments that reduce the risk to shareholders by investing in many different stocks
a tax on products imported from other countries
trade barrier
a government action that limits the exchange of goods
trade deficit
situation in whicha nation buys more goods than it sells