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History > Unit 1 Key Terms > Flashcards

Unit 1 Key Terms Flashcards

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1
Q

Power to act, speak and think as one wants without restraint

A

Freedom

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2
Q

State of being equal in status, rights and opportunity

A

Equality

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3
Q

Legal designation of the ownership of property by nongovernment legal entities

A

Private property

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4
Q

Fair behavior/treatment

A

Justice

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5
Q

Legal right and power to give orders and enforce rules

A

Authority

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6
Q

Institutions and officials organized to establish and carry out public policy

A

Government

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7
Q

The ability to cause others to behave as they might not otherwise choose to do

A

Power

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8
Q

The quality of being accepted as an authority often applied to laws or those in power

A

Legitimacy

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9
Q

Product or service available for all people to consume whether they pay or not

A

Public goods

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10
Q

Independent state, especially one in which people share common culture

A

Nation-state

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11
Q

Right to exercise supreme authority over geographic region, group of people or oneself

A

Sovereignty

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12
Q

Process and method of making decisions for groups, generally applied to governments although also seen in human interactions

A

Politics

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13
Q

Established organization, especially one providing public service and rules that guide it

A

Institutions

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14
Q

System of government in which citizens express supreme power, acting either directly or through elected officials

A

Democracy

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15
Q

System of government in which a single ruler expresses supreme power based on heredity or divine right

A

Monarchy

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16
Q

System of government in which a single person or group excercises extreme power by controlling military and police

A

Dictatorship

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17
Q

System that relies on mainly markets to determine what goods and services to produce and how to do so

A

Market economy

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18
Q

System in which decisions about what to produce and how are made on the basis of customs, beliefs and traditions

A

Traditional economy

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19
Q

Nation in which supreme power rests with the citizens and is exercised by their elected representatives

A

Republic

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20
Q

Legislative assembly in which elected representatives debate and vote on proposed laws

A

Parliament

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21
Q

System that relies mainly on the central government to determine what goods and services to produce and how to produce them

A

Command economy

22
Q

Branch concerned with the production, consumption and transfer of wealth

A

Economics

23
Q

Wealth, resources, production and consumption of goods and services of a nation/ management of resources

A

Economy

24
Q

Objective and fact based economics, can be tested and approved/disproved

A

Positive economics

25
Q

Subject and value based economics, opinion based so cannot be approved or disproved

A

Normative economics

26
Q

State of being short in supply

A

Scarcity

27
Q

Goods that are not necessary but we wish for and goods and services that are required

A

Wants and needs

28
Q

Balance achieved between two desirable features, compromise

A

Tradeoff

29
Q

A process by which business decisions are analyzed

A

Cost benefit analysis

30
Q

Motives or what encourages one to do something

A

Incentive

31
Q

Products, possessions or merchandise

A

Goods

32
Q

Intangible of doing work or helping someone

A

Services

33
Q

Resources used by company to produce goods and services

A

Factors of production

34
Q

Aim to enthusiastically develop yourself or the world we live in

A

Entrepreneurship

35
Q

Wealth in the form of money or other assets owned by person or organization

A

Capital

36
Q

The effectiveness of productive effort, rate of output vs rate of input

A

Productivity

37
Q

Loss of potential gain from other alternatives when one opportunity is chosen

A

Opportunity cost

38
Q

Curve that shows combination of goods and services that can be produced while using available resources

A

Production possibilities frontier

39
Q

Concept or idea of fairness in economics

A

Economic equity

40
Q

System of production and exchange of goods and services and use of resources

A

Economic system

41
Q

Wages paid for services of labor, interest is paid for services of capital, rent is paid for services provided by land and profit

A

Factor payment

42
Q

Economic system combining private and public enterprise

A

Mixed economy

43
Q

System where few restrictions are placed

A

Free enterprise system

44
Q

Basis of global trade as few countries produce enough goods to be completely self sufficient

A

Specialization

45
Q

Assignment of different parts of manufacturing process or task to different people to improve efficiency

A

Division of labor

46
Q

Act of buyers and sellers freely and willingly engaging in marker transactions

A

Voluntary exchange

47
Q

Exchange of goods and services without using money

A

Barter

48
Q

Current medium of exchange, assets property and resources owned by someone/ wealth

A

Money

49
Q

Consequence of specialization or division of labor economic participants are dependent on others for products they cannot get themselves

A

Economic interdependence

50
Q

Ability of someone to carry out economic activity more efficiently than others

A

Absolute advantage

51
Q

Ability of someone to carry out economic activity more efficiently than another activity

A

Comparative advantage

History (8 decks)

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