| A | B |
|---|
| microeconomics | the part of economics that studies SMALL UNITS, such as individuals and firms |
| Virginia Plan | plan presented by delegates from Va. at the Constitutional Convention calling for 3 branch gov't w/ bicameral legislature; each state's membership determined by pop. or gov't finacial support |
| Fringe Benefit | An employment benefit given in addition to one's wages or salary |
| New Jersey Plan | plan presented at Constitutional Cov't as ALTERNATIVE to Va. Plan; called for UNICAMERAL ...each state EQUALLy represented |
| Magna Carta | The charter of English political and civil liberties granted by King John at Runnymede in June 1215. |
| English Bill of Rights | (1689) British law, one of the basic instruments of the British constitution. It incorporated the provisions of the Declaration of Rights: it made the monarchy clearly conditional on the will of Parliament and provided freedom from arbitrary government. It also dealt with the succession to the throne. |
| Transition | the process that involves a partnership among students, school-age services, post-school services, and local communities |
| constitution | the body of fundamental laws settling out the principles, structures, and processes of a gov't |
| amendment | a change in, or addition to, a constitution or law |
| unitary government | a centralized gov't in which all gov't powers belong to a sigle, central agency |
| checks and balances | system of overlapping powers of legislative, executive, and judicial branches to permit each to CHECK the actions of the others |
| article | numbered sections of a document; the UNAMENDED Constitution has 7 articles |
| legislative power | the power to make law and to frame public policies |
| executive power | power to execute, enforce, and administer law |
| chief executive | term for President as VESTED with executive power |
| recognition | the exclusive power of a president to recognize (establish formal diplomatic relations with) foreign states |
| trust | a device by which several corporations in the same business work to elininate competition and regulate prices |
| perfect competition | A market structure in which the following five criteria are met: 1. All firms sell an identical product. 2. All firms are price-takers. 3. All firms have a relatively small market share. 4. Buyers know the nature of the product being sold and the prices charged by each firm. 5. The industry is characterized by freedom of entry and exit. Sometimes referred to as "pure competition". |
| economics of scale | the cost advantages that a firm obtains due to expansion |
| oligopoly | a form of gov't power to rule is held by a small usually SELF-appointed ELITE ;the market condition that exists when there are few sellers, as a result of which they can greatly influence price and other market factors |
| negative externality | something that costs the producer nothing, but is costly to society in general |
| price-fixing | the establishing of prices at a determined level, either by a government or by mutual consent among producers or sellers of a commodity |
| copyright | the exclusive legal right of a person to reproduce, publish, and sell OWN literary, music, or artistic creations |
| collusion | a secret agreement, esp. for fraudulent or treacherous purposes; conspiracy: Some of his employees were acting in collusion to rob him |
