| A | B |
|---|
| blended families | step families |
| single parent families | families with only one parent |
| DINKs | “double income no kids" |
| empty nesters | parents whose kids have left |
| family law | regulates marriage, divorce, and so on. |
| foster home | a home that takes in kids without legal guardians |
| guardian | a legal parent figure |
| adopt | to legally obtain a child without a legal guardian to become yours |
| no-fault divorce | a divorce where no blame is put on either partner |
| fixed expenses | expenses that much be paid (food, rent clothes) |
| extracurricular activities | activities outside of school |
| experience | accumulated skill from continued observation or participation in events |
| motivation | the motive to do something |
| prejudice | a preexisting judgement |
| community | a group of people who have similar interests and live in the same area |
| megalopolis | a continuous urban chain of metropolises |
| public utility | a group of industries providing services |
| crime | an act that breaks the law |
| felony | serious crimes i.e. murder or rape |
| misdemeanor | small offenses i.e. speeding ticket |
| white collar crime | nonviolent crime usually involving money |
| burglary | stealing from someone |
| homicide | murder |
| arson | intentional destruction of property by fire |
| curfew | a set time that young people have to go home |
| probable cause | likely cause that something happened |
| arrest warrant | a “pass” to arrest someone |
| acquit | to find a defendant not guilty |
| plea bargain | an agreement between the prosecutor and the defense where an accused person pleads guilty to a reduced charge |
| capital punishment | the killing of someone as punishment for a crime |
| suspended sentence | a delaying of a defendant’s serving of a sentence |
| delinquent | juveniles who break the law |
| probation | a period of time during which a person guilty of an offense must follow certain rules and report to an officer. |
| market economy | an economy where economic decisions are made by individuals looking out for themselves |
| command economy | where the government makes all economic decisons |
| traditional economy | where economic decisions are based on how economic activity has been carried out previously |
| profit | the money left after a company has paid all its expenses |
| law of supply | states that businesses will make more of something when they can sell it for more |
| law of demand | states that buyers will demand more goods when prices are low |
| capitalism | where productive resources are owned by private citizens |
| monopoly | if there is only one seller of a product |
| sole proprietorship | a small business owned by one person |
| corporation | a large business organization also a separate legal entity |
| CEO | chief executive officer, heads a company |
| capital | manufactured goods used to make other goods |
| labor | all human effort used to make goods |
| entrepreneur | a person who manages and deals with the business side of things |
| goods | things that consumers can buy and own |
| services | things that people do (not physical objects) i.e. a doctor’s or teacher’s services |
| GDP | gross domestic product, market value of annual goods and services |
| risk tolerance | weighing risk vs. reward |
| mass marketing | marketing on a big and equal scale |
| wholesalers | a person who owns a warehouse where goods are stored. |
| retailers | they sell goods directly to the public, the “middleman." |
| impulse buyer | someone who buys on a whim |
| generic brand | a product without a brand name |
| unit pricing | when there is a price per unit of a product |
| debit card | like a credit card, but it instantly bills your account |
| charge account | a form of credit that some stores grant to some customers. |
| business cycle | the cycle of economic prosperity to economic downturn |
| expansion | when the economy grows |
| inflation | a general price increase for goods and services |
| peak | a high point (in the economy) |
| contraction | the shrinking of the economy |
| recession | severe contraction |
| trough | when the economy reaches a peak low |
| depression | a severe trough |
| fiscal policy | taxing and spending policy of the government |
| monetary policy | a change in the money supply (by the Fed) |
| labor unions | organizations of workers demanding better working conditions |
| collective bargaining | negotiation between employer and employee |
| arbitration | when an expert is asked to examine a strike situation, then declare a “winning” side, that decision is binding |
| producer | a person who provides to consumers |
| circular flow model | a model illustrating the interactions between groups in an economy |
| venture capital | an investment in starting a new business or idea |
| leading indicators | they indicate economic changes before they happen |
| easy-money policy | increases growth of the money supply by injecting cash into the economy |
| tight-money policy | taking money out of the economy to decrease the money supply |
| open-market operations | they involve buying and selling government bonds |
| reserve requirement | the amount of cash banks must have at all times |
| absolute advantage | when a country produces more of something then other nations |
| opportunity cost | value of the next best alternative given up when a country speciallizes |
| trade surplus | when more goods are sold then bought |
| trade deficit | when more goods are bought then sold |
| alliance | an agreement between countries to commit help to each other |
| executive agreement | a mutual but unofficial understanding |
| diplomatic recognition | to establish relations witha country |
| summit | a meeting between leaders of 2 or more countries |
| NAFTA | North American Free Trade Agreement, created free trade in North America |
| United Nations | organization that works for peace and cooperation |
| Security Council | the body of 15 nations mainly responsible for peacekeeping (in the UN) |
| Monroe Doctrine | considered any interference in the Western Hemisphere unfriendly |
| dollar diplomacy | US foreign policy in Latin America |
| neutrality | not assisting either side in a conflict |
| communism | a political system where the government owns the means of production |
| Cold War | the fight between Soviet Communists and the US |
| containment | the stopping the spreading of communism |
| balance of power | a situation between equal countries |
| Korean War | the fight between communist North Korea and Democratic South Korea |
| Cuban Missile Crisis | when Russia built missile bases in Cuba |
| limited war | war fought without a country’s full power |
| détente | a lessening of tensions (between the US and Russia) |
| terrorists | people who use violence to achieve goals |
| War on Drugs | the efforts to stop the trade and use of illegal drugs |
| embargo | a trade ban |
| The Pentagon | the headquarters of the U.S. military |
