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28 terms

United States Today - Chapter 4

STUDY
PLAY
unlimited government
system which leaders have total power
citizenship
the duties and rights of citizens
consumers
people who use goods and services
competition
rivalry in selling goods and making a profit
immigrant
a person who moves to a new country
equal opportunity
fairness in education and employment
federal government
the national government
free enterprise/market economy
an economy with little government regulation of business
Anasazi
people who built complex civilizations in the U.S. Southwest
patriotism
the love for one's country
constitutional amendment
changes or additions to the Constitution
U.S. Constitution
the basis for our laws
Bill of Rights
a list of specific freedoms given to U.S. citizens
GDP
a way to measure a country's economy
profit
money left over after costs of production are paid
natural resources
raw materials used to make goods - land, water, forests, minerals, and soil
labor resources
workers with knowledge, skills, and experience to make goods or provide services
capital resources
machines, factories, and supplies needed to make goods or provide services
entrepreneurs
owners of a business - bring all the resources together to produce a good or service
goods
objects you can buy to satisfy a want
services
actions that meet a want
Executive Branch
enforces the laws - headed by the president
Legislative Branch
makes the laws and controls taxes and spending - headed by Congress
Congress
made up of the Senate and the House of Representatives
Judicial Branch
decides if laws agree with the U.S. Constitution- headed by the Supreme Court
Command Economy
in this system, the government decides how many of which goods are produced and sets the prices
Traditional Economy
in this system, social roles and culture determine how goods and services are produced, prices, individual incomes, and which consumers are allowed to buy certain goods
tariffs
taxes placed on imported goods to restrict trade