| A | B |
|---|
| expressed powers | powers explicitly worded/ written |
| implied powers | powers by reasonable deduction |
| inherent powers | powers that create a National Gov |
| strict constructionist | led by Jefferson, believed in strict / literal interp of Const |
| liberal constructionist | led by Hamilton believed in a broad interp of the Const |
| consensus | general agreement |
| tax | a charged levied by gov't for public needs |
| direct tax | paid directly to the gov't |
| indirect tax | first paid by one person and then passed to another |
| public debt | all money borrowed by Federal govt and not yet repaid, plus the interest |
| deficit financing | gov't spending more than it takes in |
| commerce power | power of Congress to regulate interstate and foreign trade |
| legal tender | any kind of money that a creditor must accept for payment of debt |
| bankruptcy | legal proceeding in which assets are distributed among those to whom a debt is owed |
