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Civics Benchmark 2
Vocabulary preparation for Huntsville City Schools 7th Grade Civics Benchmark test.
Terms in this set (25)
Power that lets judges examine a law or act passed by the government to see if it is constitutional or not.
The group of laws that help settle disagreements between people.
The group of laws that tell which acts are crimes, how accused persons should be tried in court, and how crimes should be punished.
Courts which have special jurisdiction over delinquent, unruly, abused, or neglected children up to a certain age.
rule of law
Principle that the law applies to everyone, even those who govern
A person born in another country who has been granted citizenship.
A citizen of one country that lives in another country.
Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services. A system in which people grow their own food and make their own goods.
An economic system in which the government makes all economic decisions.
An economic system in which people choose freely what to buy and sell.
An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
supply and demand
An economic concept that states that the price of a good rises and falls depending on how many people want it and depending on how much of the good is available.
A universal problem resulting from resources being limited while people's wants are endless
A plan for managing your money
The act of buying or using goods or services.
factors of production
The resources (land, labor, capital) people have for producing goods and services to satisfy their wants.
Planning how to get the most from your money
An economic system based on private property and free enterprise.
An increase in the overall level of prices in the economy
GDP (Gross Domestic Product)
The total market value of all final goods and services produced annually in an economy
An amount of money remaining after all expenses have been met or a situation in which there are more goods for sale than customers demand or are able to buy.
A term that means your expenses exceed your income. In order to bring a budget into balance, one can increase their income (take a second job), reduce expenses (focusing on wants first) or borrow money.
Federal Reserve System
The country's central banking system, which is responsible for the nation's monetary policy by regulating the supply of money and interest rates
A market in which there are many buyers but only one seller.
Firms or corporations that combine for the purpose of reducing competition and controlling prices (establishing a monopoly). There are anti-trust laws to prevent these monopolies.