Chapter 2 Flashcards

1
Q

Key Concept: Why are governments created?

A

governments are created to keep order in society and provide for the people’s common needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Explain the difference between limited government and unlimited government.

A

Limited government is a structure in which government actions are limited by law; they work to protect the common good and provide for people’s needs.

In an Unlimited government, there are no effective limits on government actions. The government has all the power to make all decisions for a country or society.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Government

A

a group of people who have the power to make and enforce laws for a country or area..

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is the basic purpose of government?

A

keep order, provide services and protect the common good, or well-being of the people.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Give an example of “protecting the common good”

A

building roads and schools or defending the country from attack.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

When & where did more complex governments first appear?

A

Southwest Asia more than 5,000 years ago.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is Hammurabi’s Code?

A

a set of laws, carved in stone, created in ancient Babylon (now Iraq) around 1760 B.C.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

what is a Constitution

A

a system of basic rules and principles by which a government is organized. It also identifies the powers a government has.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Is the U.S. a limited or unlimited government?

A

limited.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

How do constitutions limit the powers of government?

A

Since the constitution can identify the powers of a government, it can be written to limit the powers of government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Are more governments today limited or unlimited?

A

More governments today are limited.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

How has the purpose of government changed throughout history?

A

The purpose of government has not changed much throughout history

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

State

A

a region that shares a common government.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

city-state

A

an independent state consisting of a city and its surrounding territory

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

empire

A

a state containing several countries.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

True or False? Geographic features such as rivers or mountains sometimes helped governments control territory by protecting against invasion

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

democracy

A

a form of government in which citizens hold political power; citizens are the ultimate source of government power and authority.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Direct democracy

A

citizens come together to pass laws and select leaders

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

representative democracy

A

citizens elect representatives to make government decisions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Are the powers of a democratic government limited or unlimited?

A

limited.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

monarchy

A

a form of government in which the state is ruled by a monarch (a king or queen)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

nation-state, define and provide an example.

A

a state that independent of other states, for example the U.S.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

authoritarian

A

a type of government in which all power is held by a single person or small group.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

communism

A

a common form of authoritarian government; a political and economic system in which government owns all property and makes all economic decisions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

What is an autocracy?

A

ruled by a single person

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

what is an oligarchies

A

ruled by a small group of people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Do absolute monarch have limited or unlimited power?

A

unlimited

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Constitutional monarchy

A

monarchs that are limited by law and share power with other branches of government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Which form of government relies most on its citizens?

A

The Democratic form of government relies most on its citizens because the citizens hold political power and are the ultimate course of government power and authority.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

unitary system

A

a central government makes all laws for the entire country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

federal system

A

power is divided among central, regional, and local governments. (e.g., United States)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

confederal system

A

a group of independent states join together and give limited powers to a common government.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Most countries have a _____ system of government

A

unitary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Key Idea: political structures help governments operate in an organized way.

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

Key Idea: the United States government follows basic democratic principles

A

True

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

Central governments are responsible for ______ affairs

A

national

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

regional governments include ________ or _________ governments

A

state or provincial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

authoritarian governments may seek to control all aspects of society, even people’s actions and beliefs. For example,

A

some authoritarian governments limit citizens’ use of communications technology such as the internet.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

Key democratic principles:

A
  1. government follows the rule of law.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
46
Q

Under the U.S. Constitution, power is divided among _______ branches of government.

A

Three branches of government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
47
Q

what are the three branches of government?

A

Legislative

Executive

Judicial

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
50
Q

Legislative branch

A

establishes laws. imposes taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
51
Q

Executive branch

A

carries out and enforces the laws; provides for the country’s defense, conducts foreign policy. Obama is the head of this branch

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
52
Q

Judicial branch

A

makes decisions about disputes through courts of law. Interprets the law.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
53
Q

what is the highest court in the US called?

A

Supreme Court

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
54
Q

Separation of power

A

when power is divided in a government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
55
Q

Why does the US Constitution establish a system of checks and balances?

A

to limit the power of each of the branch of government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
56
Q

citizen

A

a legal member of a country

57
Q

civic life

A

activities having to do with one’s society and community. e.g., voting is a right and a responsibility

58
Q

Civic participation

A

taking part in government such as

59
Q

What is the main source of American citizens’ basic rights?

A

Citizens rights and responsibilities come from a number of sources such as constitutions, cultural traditoins and relgious laws. Americans’ basic rights are protected by the Bill of Rights, a part of the US Constitution. The Bill of Rights and other laws protect rights such as freedom of speech and freedom of religion.

60
Q

How do the roles and responsibilities of citizens vary between democratic and nondemocratic countries

A

Democratic citizens have a right and duty to participate in civic life, for example, by voting and keeping informed of local, state and national issues.

Citizens in non democratic countries cannot take part in government or express their views openly.

61
Q

Economics

A

the study of how people meet their wants and needs.

62
Q

scarcity

A

having limited quantity of resources to meet unlimited wants

63
Q

opportunity cost

A

the cost of what you hve to give up

64
Q

demand

A

the desire for a certain good or service

65
Q

supply

A

the amount of a good or service that is available for use.

66
Q

producers

A

people or businesses that make and sell products

67
Q

consumers

A

people or businesses that buy, or consume, products

68
Q

incentive

A

a factor that encourages people to act in a certain way, for example, money is an incentive

69
Q

entrepreneur

A

a person who combines resources to create new businesses

market economies encourage these people to establish new businesses by giving them economic freedom

70
Q

What are the three main factors of production?

A

Land and Resources

Human Labor

Human-made goods like buildings and tools

71
Q

market-clearing price

A

the price at which demand equals supply

72
Q

market

A

an organized way for producers and consumers to trade goods and services

73
Q

profit

A

the money a company has left after subtracting the costs of doing business

74
Q

revenue

A

the money earned by selling goods and services.

(the price of resources affects revenue and profit. if resources become more expensive, the cost of making goods with them will also increase).

75
Q

specialization

A

the act of concentrating on a limited number of goods or activities. (such as specializing in making peanut butter)

76
Q

competition

A

the struggle among producers for consumers’ money.

77
Q

nonprofit organization

A

places that do not seek to make money

examples are: churches, museums, hospitals

78
Q

inflation

A

a general increase in prices of everything over time

79
Q

recession

A

a decline in economic growth for six or more months in a row.

80
Q

Does a person always need money to obtain goods and services?

A

No, they can barter for goods and services by trading other goods or services.

81
Q

Primary industry

A

collects resources from nature

e.g., farming and mining.

82
Q

secondary industry

A

uses raw material to create new products

e.g., manufacturing

83
Q

tertiary industry

(third level of industry)

A

provides services to people and secondary industries.

e.g., banking restaurants

84
Q

quaternary industry

(fourth level of industry)

A

focuses on research and information

e.g, education

85
Q

Key Idea:

Different societies have different types of economic systems.

A

True

86
Q

Traditional Economy

A

an economy in which people make economic decisions based on their customs and habits.

usually satisfy their needs through hunting or farming.

87
Q

Market Economy

A

an economy in which individual consuemrs and producers make economic decisions.

also called capitalism or free market

88
Q

Command Economy

or Centrally Planned Economy

A

an economy in which the central government makes all economic decisions.

89
Q

Mixed Economy

A

an economy that combines elements of traditional, market and command economic systems.

90
Q

Name two countries who have mixed economies that are close to pure market economies

A

US and Australia

91
Q

Name two countries that have mixed economies that are close to pure command economies (where gov’t owns and controls most businesses)

A

North Korea

and

Cuba

92
Q

True or False:

Every society has an economic system in which people make and distribute goods and services.

A

True

93
Q

Name the four basic economic systems:

A

Traditional

Market

Command

Mixed

94
Q

Trade

A

the exchange of goods and servies in a market

95
Q

Exports

A

goods and services produced within a country and sold outside the country’s borders

96
Q

Imports

A

goods and services sold in a country that are produced in other countries

97
Q

Tariff

A

a tax on imports or exports

98
Q

Give an example of a trade barrier

A

tariff

99
Q

what is a trade barrier?

A

a government policy or restriction that limits international trade

100
Q

free trade

A

the removal of trade barriers.

101
Q

What is the advantage of free trade to consumers?

A

Free trade gives consumers lower prices and more choices

102
Q

What is the disadvantage of free trade?

A

domestic producers can suffer if consumers prefer cheaper imported goods

103
Q

Domestic trade

A

All of the buying or selling that takes place within a country

104
Q

How much in DOLLARS did China export to the US for:

household goods

Computers

Clothing and shoes

A

$58.4 BILLION for household goods

$53.7 BILLION for computers

$51.5 BILLION for clothing and shoes

105
Q

How much in DOLLARS did US export to China for:

Computers

Aircraft

Machinery

A

$8.6 billion for computers

$7.5 billion for aircraft

$7.2 billion for machinery

106
Q

Budget

A

a plan that shows income and expenses over a period of time.

107
Q

define saving

A

the act of setting aside money for future use

108
Q

bank

A

a business that keeps money, makes loans and offers other financial services.

109
Q

credit unions

A

non profit banks owned by their members.

110
Q

Interest

A

the price paid for borrowing money

111
Q

What is an incentive for people to save money?

A

Interest

112
Q

Credit

A

an arrangement in which a buyer can borrow to purchase something and pay for it over time, such as by using a credit card.

Also, an example is getting a loan

113
Q

Investing

A

the act of using money in the hope of making a future profit

114
Q

stock

A

share of ownership in a company

115
Q

bond

A

a certificate issued by a company or government promising to pay back borrowed money with interest.

116
Q

Mutual Fund

A

a company that invests members’ money in stocks, bonds and other investments.

117
Q
A
118
Q

Risk and Return

A

The amount of money an investor might earn.

In general the safest inestments offer the lowest rates of return. e.g., savings accounts is very safe but pays a low rate of interest.

Stocks are riskier but can earn a great deal of money for an investor if they increase in value…. or they can decline in value and become worth less than the original purchase price.

119
Q

There are two types of democracy: direct and representative. What kind of democracy is the United States?

A

Representative Democracy because we have elected officials to represent our interests in government.

120
Q

what level of economic activity includes mining?

A

Primary industry

121
Q

What level of economic activity includes manufacturing?

A

secondary industry

122
Q

Compare and contrast how are the powers of an unlimited government different from those of a limited government?

A

(anthea, answer this one)

123
Q

How does the US government balance legislative, executive and judicial power?

A

(anthea answer this one)

124
Q

Explain the relationship among revenue, profit and the costs of doing business.

A

Profit is the money left over after the costs of doing business have been subtracted. It’s what you have at the end of the day after you pay all of your bills.

Revenue is the money earned by selling goods and services. When the cost of doing business goes up, then your revenue goes down. When the cost of doing business goes down, then your profits go up.

125
Q

What role does risk pay in investment?

A

In investing, usually the higher the risk, the higher the potential for earning profit or interest on the investment. Conversely, the higher the risk also means the investment could belose money.

The lower the risk, the less chance you have of losing money, but you also earn relatively low, if any, rate of return. For example, you would earn little to no rate of return by placing your money in a traditional savings account.

126
Q
A