Social Studies Flashcards
Article I of the Constitution
Defines the legislative branch and vests power to legislate in the Congress of the United States.
Article 2 of the Constitution
Describes the executive powers of the president. Enforced the laws of the land.
Article 3 of the Constitution
Defines the judicial branch as the Supreme Court and such inferior courts as congress sees necessary to establish.
What is Federalism?
The sharing power among the national, state, and local governments.
Primary function of the government
Maintain order, settle conflicts, and protect the community
America’s first national government was based on the …
Articles of Confederation
Where is the EU capital?
Brussels, Belgium
Opportunity cost
Whenever limited resources are used to satisfy one want or need, there are other wants and needs that remain unsatisfied.
Opportunity cost is the next best alternative that must be given up when a choice is made.
Interdependence
Decisions by a business that affect the decisions of other businesses, which affect the decisions of other businesses.
Factors of Production
The four basic factors used to produce goods and services.
Labor, capital, land, and entrepreneurship
All economic systems answer these 3 basic questions…
What will we produce with our resources?
How will we produce these goods?
For whom will we produce these goods?
Traditional Economy
In a traditional economy, answers to 3 basic economic questions are based on how they were addressed in the past.
There is little difference from generation to generation about who will do what and how it will be done. New ways are generally rejected.
Traditional economies are typically found in fuel regions with subsistence farming.
Market Economy
The 3 basic economic questions are answered by individuals and privately owned corporations rather than by the government.
The exchange of goods, services, and info takes place in a free market governed by the law of supply and demand, which determines the price of goods and services.
Command Economy
The government provides the answers to the three basic economic questions.
State planners decide which products are produced, how they are produced, and how they are distributed.
The state owns all property and controls all resources including land, labor, and capital.
Consumer needs receive little attention in this type of economy.
Mixed Economy
The government and the marketplace answer the 3 basic economic questions.
I do yams and firms enjoy varying degrees of economic freedom, but they are also subject to a range of government regulation.
Common examples of mixed economies include the US, Canada, Australia, Japan, Germany, and the UK.
Stone Age
Subdivided into the Paleolithic, Mesolithic, Neolithic, Bronze Age, and Iron Age.
Paleolithic
A time span beginning more than a million years ago in which several homo species used crude rock tools.
When was the Mesolithic age?
120,000 to 7,000 years ago