a.c. exam part 2
Terms
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- JUDICIAL BRANCH
- interprets and applies the laws
- OPPORTUNITY COST
- the cost of the next best use of your time or money when you choose to do one thing rather than another
- GLITTERING GENERALITY
- statement for candidate to look good, no backing up issue though
- INCENTIVES
- reward offered to try to persuade people to take certain economic actions
- MULTINATIONALS
- firms that do business or have offices or factories in many countries
- PRECEDENT
- a ruling in an earlier case that was similar
- PATRIOTISM
- love for one's country
- LABOUR PARTY
- Gordon Brown; More active role for government; Democrat party
- NEEDS
- required for survival, such as food
- INTERNATIONALISM
- the idea that nations should cooperate to promote common aims, such as supporting economic development and fighting terrorism
- LABOR
- the nations labor force or human resources
- GEORGE WASHINGTON
- Head of the Constitutional Convention, meaning that he led all of the meetings, and the people loved him
- FOMC
- the most powerful committee of the Fed, because it makes the decisions that affect the economy as a whole by manipulating the money supply
- FREE TRADE
- convincing other countries not to pass laws that block or limit trade
- LAW OF DEMAND
- quantity demanded and price move in opposite directions
- GREAT COMPROMISE
- Combines the Virginia and New Jersey Plan, creates 2 houses: the Senate which had 2 members for each state (New Jersey), and the House of Representatives which was based on the population of the state (Virginia)
- MARKET ECONOMY
- system where individuals own the factors of production and make economic decisions through free interaction
- PRICE
- 1. Prices in a competitive market do not favor either the producer or the consumer; 2. Buyers and sellers react to the new level of prices and adjust their consumption and production accordingly; 3. Consumers have the freedom to choose between a variety of products at a wide range of prices; 4. Allows us to make decisions quickly and efficiently
- INTEREST GROUPS
- people who share a point of view about an issue sometimes unite to promote their beliefs in a group
- INTERNATIONAL TRIBUNALS
- courts with authority from the UN to hear cases and make judgments about violations of international human rights law
- GDP
- it is the total value, in dollars, of all the final goods and services produced in a country during a single year; gross domestic product
- IMPLIED POWERS
- powers that congress has that are not stated explicitly in the Constitution
- PRESIDENT PRO TEMPORE
- presiding officer of the Senate if the Vice President is absent, Robert Byrd
- HOUSE OF COMMONS
- Serve five-year terms; LAWMAKERS
- MONETARY POLICY
- involves controlling the supply of money and the cost of borrowing money according to the needs of the community
- GLOBALIZATION
- individuals and nations working internationally across barriers of distance, culture, and technology
- FEDERALISM
- form of government in which power is divided between the federal government and the states
- LAW OF SUPPLY
- the principle that suppliers will normally offer more for sale at higher prices than at lower prices
- INFLATION
- when the production of goods and services cant keep up with the growth in demand and prices begin to rise
- EXECUTIVE BRANCH
- carries out the laws
- FACTOR MARKETS
- the markets where productive resources are bought and sold
- PLAIN-FOLKS
- candidate acting like a normal person to relate to us
- JURISDICTION
- A courts authority to hear and decide cases
- GLOBAL INTERDEPENDENCE
- people and nations all over the world now depend upon one another for many goods and services
- ORIGINAL JURISDICTION
- the authority to hear cases for the first time
- LOBBYIST
- representatives of interest groups who contact lawmakers or other government officials directly to influence their policy making
- EXPRESSED POWERS
- Powers specifically granted to the national government
- MIXED ECONOMY
- combines basic elements of a pure market economy and a command economy; combines characteristics of more than one type of economy
- POLLS
- allows officeholders to keep in touch with citizens changing ideas about issues, officials don't have to wait until the next election to see if the people approve or disapprove of government policies
- GENOCIDE
- the deliberate killing of a racial or cultural group
- HOUSE OF LORDS
- Highest court of appeal
- LEGISLATIVE BRANCH
- lawmakers
- PARLIAMENTARY SYSTEM
- 3 branches of government (executive and legislative branches are one); Prime Minister chosen by members of Parliament; some one other than the Prime Minister could be head of state
- POPULAR SOVEREIGNTY
- the notion that power lies with the people
- IMMIGRANTS
- people who move permanently to a new country
- HUMAN RIGHTS
- the fundamental rights that belong to every person on earth
- INTENSITY
- refers to the strength of opinion on a given issue
- EXCHANGE RATE
- what the price of your nation's currency is in terms of another's currency
- NAME CALLING
- tear the other candidate apart
- LIBEL
- spreading lies that are PRINTED
- FCC
- a way the government regulates broadcasting, cannot censor broadcast, can penalize stations that violate rules
- MEDIUM
- a way of communicating
- MERCANTILISM
- the theory that a country should sell more goods to another country than it buys
- MAYFLOWER COMPACT
- It was the 1st example of direct democracy; all men can vote, and majority rules
- NATURALIZATION
- the legal process to become a citizen, and there are 2 ways: by birth and by foreigners who choose to become citizens
- FIXED COST
- costs, or expenses that are the same no matter how many units of a good are produced, examples are mortgage payments and property taxes
- INTOLERABLE ACTS
- Coercive acts; restricted colonies rights
- NATURAL RESOURCES
- all the "gifts of nature" that make production possible