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Core Subjects EC - 6 Social Studies > Comp 4: Economics > Flashcards

Comp 4: Economics Flashcards

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1
Q

Equilibrium (of a Market)

A

When the quantity supplied is equal to the quantity demanded

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2
Q

Factor Market

A

A market in which the factors of production are bought and sold

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3
Q

Opportunity Cost

A

Cost of the next best alternative use of money, time, or resources when one choice is made rather than another

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4
Q

Tax

A

A contribution to federal or state funds required for individuals or businesses

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5
Q

Capitalism

A

An economic system characterized by private, rather than government, ownership of industry. Prices, production, and distribution of goods are determined by competition in a free market.

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6
Q

Market Economy

A

An economic system where decisions about production, consumption and investment are guided by the price of goods and services, which are determined the laws of supply and demand

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7
Q

Deficit

A

When the quantity demanded exceeds the quantity supplied

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8
Q

Labor Force

A

All of the people working and willing/able to work, including those who want to work but are unable to find a job

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9
Q

Employment Percentage

A

The percentage of people employed in an economy

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10
Q

Great Depression

A

A unprecedented period of worldwide economic downturn. Began in Oct. 1929 with the United States stock market crash. World War II was integral in pulling many countries out of the depression by increasing factory production.

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11
Q

Dividends

A

Percentages of the profit

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12
Q

Keynesian Economics

A

Free markets can lead to economic inefficiencies and governmental intervention can lead to a stable, productive economy

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13
Q

Laissez-Faire

A

Adam Smith’s theory that the government should not interfere in the economy; translates to “let the people do as they choose”.

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14
Q

Gross Domestic Product (GDP)

A

The total value of all domestic production in a country. GDP sums up the market value of all final goods and services produced in a nation within one year.

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15
Q

Prince Henry The Navigator

A

Most notable explorer who found alternate trade routes to India through investing in larger and better ships

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16
Q

Consumer Price Index (CPI)

A

A measure of the economy that uses consumer spending to determine the strength of an economy

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17
Q

Second Industrial Revolution

A

The unprecedented increase in economic productivity during the late 1800s. Included large leaps forward in technology with expansion of use of electricity, petroleum, and steel.

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18
Q

Trade Cap

A

A limit to the amount of a good that can be imported or exported

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19
Q

North American Free Trade Agreement (NAFTA)

A

A trade agreement that created a free trade zone between the US, Canada, and Mexico

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20
Q

Black Plague/Black Death

A

An outbreak of the Bubonic Plague - a deadly epidemic that struck Europe in the mid-1300s and killed millions

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21
Q

Traditional Economy

A

An economy where goods are produced mainly for consumption by one’s own family and traded or bartered in only the most basic ways

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22
Q

Stock Market

A

The market in which a person can buy and sell shares of a company

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23
Q

Economies of Scale

A

A reduction in the price of per-unit production resulting from producing more at once

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24
Q

Macroeconomics

A

The design and function of the economy as a whole

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25
Q

Demand

A

The quantity of a good that consumers desire to purchase at a given time in an economy

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26
Q

Age of Exploration

A

A period of time from the early 15th Century until the early 17th Century in which European ships traveled around the world in search of new trading routes

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27
Q

Interdependence of Economics

A

All economics require each other to function

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28
Q

Progressive Era

A

The rapid economic expansion of the Second Industrial Revolution also led to an increase in the difference between the haves and the have-nots, as well as the growth of oligopolies and monopolies

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29
Q

Adam Smith

A

The father of capitalism. Wrote “An Inquiry into the Nature and Causes of the Wealth of Nations”. Argued that an invisible hand guides the economy to its greatest productivity.

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30
Q

Absolute Advantage

A

A ability of an entity to produce more of a good or service than another entity using the same amount of resources

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31
Q

Surplus

A

When the quantity supplied is greater than the quantity desired

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32
Q

Spindletop

A

An oil derrick in Beaumont, Texas that became the most productive derrick in the world in 1901, producing over 100,000 barrels in a day and bringing a boom to Texas’ oil and gas industry

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33
Q

Dutch East India Company

A

One of the first joint-stock companies

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34
Q

Trade Barriers

A

Obstacles to trade

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35
Q

World Wars

A

WWI and WWII occurring overseas (with the exception of Pearl Harbor). Allowed the US to maintain and grow its production capacity, leading to massive economic expansions.

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36
Q

Trade Deficit

A

Buying more than they are selling

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37
Q

Specialization of Labor/Division of Labor

A

A tendency for groups to focus and work on (specialize) wherever they can make the best product at the highest revenue (comparative advantage) and use trade to acquire other products

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38
Q

Command Economy

A

Government controls the economy determining what should be produced and how much should be produced. This type of economy is most closely associated with communism.

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39
Q

Competition (Economics)

A

Companies will strive for a greater share of the market by producing higher quality and more cheaply priced goods

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40
Q

Perceived Value

A

How desirable a product is to the consumer

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41
Q

Disequilibrium (of a Market)

A

When either the quantity supplied or the quantity desired exceeds the other

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42
Q

Retaliatory Tariff

A

When Country A places a tariff on Country B’s imports because Country B placed a tariff on Country A’s imports

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43
Q

Specialization

A

A tendency for groups to focus and work on (specialize) wherever they can make the best product at the highest revenue (comparative advantage) an use trade to acquire other products

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44
Q

Means of Production

A

The non-human resources used to produce goods in an economy

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45
Q

Exporting

A

Selling to other countries

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46
Q

Law of Demand

A

As the price of a good increases, the less quantity of the good will be demanded

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47
Q

Free Trade

A

The ability for one country to trade with another without hindrance so that all goods can be produced with the greatest efficiency

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48
Q

Comparative Advantage

A

The ability of an entity to produce a good or service at a lower opportunity cost than another entity

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49
Q

Communism

A

A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

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50
Q

Trade

A

The exchange of products for money between entities

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51
Q

Supply Side Economics/Reaganomics

A

The belief that government intervention in trade should focus on increasing the ability of suppliers to produce. This policy dominated the 1980s.

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52
Q

Barrier to Entry

A

When obstacles prevent new companies from entering the market

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53
Q

Tariff

A

A tax placed on a specific type of imported or exported good

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54
Q

Microeconomics

A

The study of individuals and their decisions

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55
Q

Supply

A

The quantity of a good produced at a given time in an economy

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56
Q

Share

A

Piece of ownership in a company, mutual fund or other investment

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57
Q

Scarcity

A

In Economics, the fact that there are not enough resources to fulfill all human needs and desires

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58
Q

Importing

A

Buying from other countries

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59
Q

Cost-Benefit Analysis

A

Consideration of what one gains and loses from a set of economic choices

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60
Q

Factors of Production

A

The determination of when and where economic activity can and most likely will occur: land, labor, capital, and entrepreneurship

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61
Q

Purchasing Power

A

The ability to buy goods

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62
Q

Subsidies

A

Government payments to an industry to reduce costs or create false demand

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63
Q

Globalism

A

Economic and foreign policy planning on a global basis

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64
Q

Price Control

A

A maximum or minimum limit on the price of a good instituted by the government

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65
Q

Circular Flow

A

Movement in an economy of good, services, and money from consumers to producers and back again

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66
Q

Price Controls

A

A maximum price set by the government allowed to be charged for a particular good

67
Q

Invisible Hand

A

The economy is not led by an entity, but is the result of individuals acting in their own self-interests

68
Q

Mixed Economy

A

A market economy with varying levels of government intervention

69
Q

Law of Supply

A

As the price of a good increases, a greater quantity of the good will be supplied

70
Q

Joint-Stock Company

A

A company whose stock is owned jointly by shareholders

71
Q

Merchantilism

A

The economic idea that a country needs to amass wealth through more exporting than importing and measures wealth by the amount of gold that a nation possesses

72
Q

Globalization

A

The process by which economies and societies have become integrated

73
Q

Democracy

A

A system of government in which all members of society have a share in decision making

74
Q

7th Amendment

A

Amendment to the US Constitution protecting the rights to a jury trial in civil cases

75
Q

5th Amendment

A

Amendment to the US Constitution protecting against unsupported accusations of wrongdoing, self-incrimination, and double jeopardy (being charged for the same crime twice)

76
Q

English Civil War

A

A conflict between Charles I and Parliament that resulted in the beheading of Charles I and the establishment of England as a Commonwealth. 1642-1651.

77
Q

Anarchy

A

Absence of government authority and law, and absolute freedom of the individual

78
Q

Thomas Hobbes

A

Political philosopher and author of Leviathan, advocate of absolute monarchy

79
Q

Common Law

A

Laws created and developed through judicial decision

80
Q

Constitutional Monarchy

A

Governmental system in which a country is ruled by a monarch who is limited in power by a constitution

81
Q

Monarchy

A

Single person serves as head of state; often granted the position through heredity

82
Q

Autocracy

A

Government ruled by one

83
Q

Divine Right

A

Political doctrine that states that kings derive their power from God, not from their subjects; therefore kings are not subject to earthly authority. To question or rebel against their rule would be a sin.

84
Q

10th Amendment

A

Amendment to the US Constitution which explicitly states that all powers not specifically given to the federal government belong to the states (reserved powers)

85
Q

Justinian’s Code of Laws

A

Laws compiled in early 500 A.D. by Emperor Justinian of Rome

86
Q

8th Amendment

A

Amendment to the US Constitution protecting against cruel and unusual punishment

87
Q

Popular Sovereignty

A

The idea that all powers of government ultimately rest in the people

88
Q

2nd Amendment

A

Amendment to the US Constitution which protects against restrictions of the right to bear arms

89
Q

Inalienable Rights

A

Rights held by all individuals that are seen as natural to every person and outside the jurisdiction of the government

90
Q

Social Contract

A

The idea that individuals covenant to create and follow a form of government

91
Q

Aristocracy

A

Form of oligarchy in which the nobility have power and control

92
Q

Natural Law

A

Laws universally recognized by the virtue of human reason or human nature

93
Q

Republic

A

Form of democracy in which representatives make laws and run the government

94
Q

Hammurabi’s Code

A

Early regulation of society with a basic outline that presumes innocence and follows “eye for an eye”

95
Q

Magna Carta

A

First English document to establish the idea of limited government, or the belief that the king did not have absolute power. Signed in 1215.

96
Q

Due Process Rights/Assurances

A

The legal obligation of the government to respect an individual’s legal rights, guaranteed by the 5th and 14th amendments

97
Q

John Locke’s Two Treatises on Government

A

Outlined ideas of Social Contract Theory and natural rights that heavily influenced Thomas Jefferson and the Declaration of Independence

98
Q

Natural Rights

A

The rights possessed by an individual with no requirement

99
Q

Republicanism

A

A form of government in which representatives-usually elected-determine the laws

100
Q

1st Amendment

A

Amendment to the US Constitution protecting against restrictions on freedom of speech, religion, press, petition, and assembly

101
Q

Enlightenment

A

17th century intellectual movement centered on the belief that societies could improve through reason, science, and progress. Primarily led by philosophers: Locke, Rousseau, Voltaire, and Montesquieu.

102
Q

Direct Democracy

A

A system of government in which all eligible citizens can vote on every issue

103
Q

3rd Amendment

A

Amendment to the US Constitution which protects against the quartering of troops in homes

104
Q

John Locke

A

Political philosopher who advocated the social contract theory and a limited monarchy. Encouraged people to rebel if their monarch didn’t protect their natural rights of life, liberty, and property.

105
Q

Government

A

Institution to provide citizens with basic services

106
Q

Oligarchy

A

A government ruled by a few powerful people

107
Q

6th Amendment

A

Amendment to the US Constitution which protects the right to a fair, speedy and public trial, the right to a lawyer, the right to confront accusers, and the right to an impartial jury

108
Q

Dictatorship

A

One person holds absolute power without constitutional limitations

109
Q

English Bill of Rights

A

Secured the power of the Parliament over the monarchy and guaranteed the individual rights of the citizens (1688)

110
Q

Glorious Revolution

A

A revolution against James II of England and his absolute rule; also called the Bloodless Revolution. Paved the way for the creation of the English Bill of Rights and a constitutional monarchy (1688).

111
Q

Monarchy/Totalitarian/Fascism/Autocratic

A

A totalitarian state often restricts the existence and participation of opposition voices and exercises a high level of control over all aspects of society, both in the public sphere and in the private lives of citizens

112
Q

9th Amendment

A

Amendment to the US Constitution which protects the rights of the individuals not specifically listed (enumerated rights)

113
Q

4th Amendment

A

Amendment to the US Constitution which protects against unlawful searches and seizures

114
Q

Bill of Rights

A

The first ten amendments to the Constitution which protected legal rights and civil rights of individuals. Created in 1791.

115
Q

Law

A

A rule that a country or community recognizes to regulate the actions of its members. May be enforced by the imposition of penalties.

116
Q

Absolute Monarchy

A

Rule by one person who has supreme authority and is not restricted by written law

117
Q

Theocracy

A

A government run by religious officials who enforce religious principles

118
Q

Social Contract Theory

A

According to Locke, an agreement between citizens and their ruler in which the ruler derives his power from his subjects

119
Q

Representative Democracy/Democratic Republic

A

A system of government in which all eligible citizens vote to elect representatives to act on their behalf

120
Q

Model Parliament

A

Britain’s first elected legislative body whose purpose was to tax the wealthy landowners and create laws, formed in 1295

121
Q

Income Tax

A

A tax on an individual’s pay

122
Q

Citizen

A

A legally recognized subject of a government, either native or naturalized. In the US, a citizen is required to obey the law, serve as a juror if called, and pay taxes. Citizens are also expected to be informed on issues and vote in elections, volunteer in their community, and serve in the military if they are interested.

123
Q

Speaker of the House

A

The leader of the majority party of the House of Representatives, selected by the majority party members

124
Q

Declaration of Independence

A

Document adopted by the Second Continental Congress on July 4, 1776. Signed by representatives from all 13 colonies. The document outlined the complaints the colonists had about Great Britain and officially declared the US free from British rule.

125
Q

President Pro Tempore

A

The most senior member of the majority party who leads the Senate when the Vice President is absent

126
Q

Naturalization

A

The process of becoming a citizens in a country when not already a native citizen

127
Q

Proportional Representation

A

A model in which parties gain seats based on the proportion of the vote received

128
Q

House of Burgesses

A

The first elected legislative body which became a model for other colonies governmental systems. Met in Jamestown, Virginia.

129
Q

Marbury v. Madison

A

1801: Established Judicial Review, which allows the Supreme Court to rule a law unconstitutional and void the law

130
Q

Super PACs

A

A result of the 2010 Citizens United Supreme Court case that ruled political contribution restrictions were an unconstitutional act against the freedom of speech, resulting in unlimited donations and unprecedented spending in political campaigns

131
Q

The Media

A

Not an official part of the political system, but plays an important role in the political process. Reports on political events, legislation, and conducts investigation into government activities and government officials.

132
Q

Brown v. Board of Education

A

1954: The Supreme Court ruled in this case that segregation of public schools was unconstitutional, overturning the finding in Plessy v. Ferguson.

133
Q

Implied Powers

A

Powers not explicitly written in the Constitution that are allowed under the elastic clause

134
Q

Constitution: Article 2

A

The Powers, Eligibility Requirements and Limitations of the Executive Branch

135
Q

Judicial Review

A

The responsibility of the Supreme Court and the rest of the federal judiciary to determine if a law is constitutional

136
Q

Checks and Balances

A

Each branch has the power to limit the power of the other two branches

137
Q

Constitutional Convention

A

A meeting of at least two-thirds of the states to approve an amendment to the Constitution, which still requires three-fourths of the states to ratify the amendment

138
Q

Capital Gains Tax

A

A tax on the profit gained by the sale of an asset, such as stocks, bonds, or property

139
Q

Regressive Tax

A

A tax structure in which the higher share of the tax burden is placed on poorer individuals and less on wealthier individuals

140
Q

Sale Tax

A

A tax on the purchase price of a good; usually levied by state and local agencies

141
Q

Constitution: Article 6

A

Maintenance of Previous Debts, Supremacy of the Constitution, and Oaths of Office

142
Q

Flat Tax

A

A tax structure in which consumers pay a fixed percentage of the value of the item being taxed

143
Q

Property Tax

A

A tax on the value of a home or land that is paid to local governments by the owner of the real estate

144
Q

Veto

A

Ability of the president to reject laws passed by Congress. Congress can overturn a veto with a 2/3 vote.

145
Q

Electors

A

Members of the national electoral college who actually vote for the president

146
Q

Bicameral

A

The split of the legislative branch into two houses, each with a different set-up and focus

147
Q

Preamble

A

An introductory statement in a document that explains the document’s purpose and underlying philosophy

148
Q

Proportional Tax

A

A tax structure in which the rate is fixed and the amount of tax paid is proportional to the income of the individual being taxed

149
Q

Electoral College

A

The system for electing the President by using electors from each state based on the number of Congressional representatives the state has

150
Q

Plessy v. Ferguson

A

1896: The Supreme Court ruled in this case that was racial segregation for public facilities was constitutional, as long as they were “separate but equal”

151
Q

Lobbying

A

The practices of interest groups to influence elected officials, policy makers, and politics

152
Q

Dred Scott Case

A

Case in which the Supreme Court ruled that Scott, a former slave, was not a citizen and had no right to sue in court

153
Q

Great Compromise/Connecticut Compromise

A

An agreement between all states to use two different forms of representation for the two houses of Congress

154
Q

House of Representatives

A

One house of Congress with proportional representation

155
Q

Political Action Committees (PACs)

A

Committees that raise money to support specific candidates for political office who will presumably support their agendas

156
Q

Supreme Court

A

The highest court in the land, established by the Constitution. Justices to the Supreme Court are appointed by the President, approved by the Senate, and serve for life or until retirement

157
Q

Commerce Clause

A

A key clause of the Constitution. Regulates interstate commerce. This power has been used to justify the expansion of the legislature over nationwide issues, since they could impact interstate commerce

158
Q

Federalism

A

The system of shared power between the national government and the state and local governments

159
Q

Minority Leader

A

The leader of the minority party in the House of Representatives

160
Q

Progressive Tax

A

A tax structure in which income brackets are used to determine the tax rate. As an individual’s income increases, their tax rate progresses from bracket to bracket.

161
Q

Separation of Powers

A

Division of power into three branches of government to prevent corruption or concentration of power. Executive, judicial, legislative.

162
Q

US Constitution

A

Document which lays the foundation for the US Government and provides a blueprint of democracy for the rest of the world

163
Q

Articles of Confederation

A

1st Constitution of the U.S. 1781-1788 (Weaknesses-no executive, no judicial, no power to tax, no power to regulate trade)

Core Subjects EC - 6 Social Studies (5 decks)

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