| A | B |
|---|
| When a country tries to make money by exporting more than it imports? | Mercantilism |
| What was the 3-part pattern of trade between Europe, Africa, and America? | Triangular Trade |
| Which regional section had long growing seasons & fertile land? | Southern colonies |
| Which regional area had short growing seasons, but engaged in commercial fishing and shipping? | New England colonies |
| Which regional area had warm summers with a moderate growing season? | Middle colonies |
| Which document limited the power of the English king? | Magna Carta |
| What formed the precedent for America to assert her liberty from England? | Magna Carta |
| What was one of the 1st documents that promised a govt answerable to the will of the people? | Mayflower Compact |
| What was the 1st representative government in the new colonies? | House of Burgesses |
| A form of local govt where people vote directly for a candidate or idea? | Direct Democracy |
| When people vote for an advocate to represent them? | Representative Democracy |
| Who was an advocate of the "Social Contract Theory"? | John Locke |
| Thomas Paine wrote which book, advocating Independence? | Common Sense |
| Who believed that man needed a strong govt to protect him? | Jean-Jacques Rousseau |
| Montesquieu believed in the govt idea of.... | Separation of Powers |
| What are the 3 branches of govt? | Executive, Legislative, & Judicial |
| Who supported the Constitution if a Bill of Rights was added? | Thomas Jefferson |
| What is the first 10 Amendments? | Bill of Rights |
| Who wanted a bicameral govt so the Executive branch wouldn't be too powerful? | John Adams |
| A time when the British ignored the colonies? | Salutary Neglect |
| What allowed England to regulate trade & collect taxes? | Navigation Acts |
| 7-Year war between the British & French was the..... | French and Indian War |
| What tried to stop settlement west of the Appalachian Mtns? | Proclamation of 1763 |
| What was the 1st direct tax on the colonies? | Stamp Act |
| 1st violent interactions between British & colonists was the..... | Boston Massacre |
| When a tax on tea led the colonists closer to war.... | Boston Tea Party |
| When people actively refuse to follow the rules.... | Civil Disobedience |
| What was one of the 1st colonial resistance groups? | Sons of Liberty led by Sam Adams |
| After the Boston Tea Party, the British shut down Boston Harbor with..... | the Intolerable Acts (aka Coercive Acts) |
| What officially separated the US from the British Govt.? | Declaration of Independence |
| The 1st Revolutionary War confrontations between the colonists & the British? | Lexington & Concord |
| What ended the Revolutionary War? | Treaty of Paris |
| Some examples of the new American national identity: | Egalitarian society, encouraging land ownership, slavery in the South, separation of church & state |
| What was the 1st attempt at creating a national govt.? | Articles of Confederation |
| The Articles were weak, meaning: | Congress couldn't tax, they couldn't regulate commerce, couldn't draft, & they couldn't enforce the laws |
| What event showed the weaknesses of the Articles of Conf.? | Shay's Rebellion...showed a new patriotism & Civil Disobedience |
| What is the Supreme Law of the Land? | US Constitution |
| Which plan of representation was based on a state's population? | Virginia Plan |
| Which plan of representation was based on = representation for ea. state? | New Jersey Plan |
| What allowed for a bicameral legislature (Congress)? | Great Compromise |
| Which two houses make up our Congress? | Senate & the House of Representatives |
| In the House of Rep., the number of members is based on? | population |
| In the Senate, the number of members is ..... | 2 = equal for every state |
| How did they decide to count slaves in the population? | the Three-Fifths Compromise |
| When Congress promised the South not to tax or bother slavery? | Commerce & Slave Trade Compromise |
| This means that every citizen is subject to the law, including law makers? | the Rule of Law |
| What are powers specifically given to the Federal Govt? | Delegated or Enumerated Powers |
| What are powers that are shared by both the states and Federal Govt? | Concurrent Powers |
| What are the powers that are specifically given to the states? | Reserved Powers |
| What gives Congress a set of implied powers? | "Necessary and Proper Clauses" |
| What is another word for the "Necessary and Proper Clause"? | Implied Powers |
| What requires each state to recognize the laws, judicial decision, & public records of the other states? | "Full Faith & Credit Clause" |
| Which Enlightenment thinker believed govt should have separate branches? | Montesquieu |
| Montesquieu believed that govt should be divided into different branches, the....... | Separation of Powers |
| Who said the goal of govt should be to secure freedom, justice, & equality? | Jean Jacques Rousseau |
| What is used to elect the President? | Electoral College |
| Duties of the Executive Branch include: | 1. carry out the law 2. appoint judges 3. serve as Commander-in-Chief |
| Congress's two houses are the: | Senate & House of Representatives |
| Duties of the Legislative Branch include: | 1. Creating/passing laws 2. originating spending bills |
| Duties of the Judicial Branch include: | 1. Supreme Crt. interpreting the Const. 2. limits the power of other branches |
| Judicial Review is when the Supreme Crt.... | determines if a law is Constitutional or not |
| When people create and vote for their elected officials? | Popular Sovereignty |
| What forbids the govt from est. an official religion or placing one religion over another? | Establishment Clause |
| Because of the Est. Clause, there must be an elimination of anything having to do with religion in public govt...... | Separation of Ch. & State |
| What is a system of govt that divides up power between a strong natl govt & small local govts? | Federalism |
| Which two groups initially disagreed over the amount of individual rts and freedoms? | Federalists v. Anti-Federalists |
| Which group supported the Constitution as it was written? | Federalists |
| Which group opposed the Constitution because they were afraid the govt would have too much power? | Anti-Federalists |
| Supporters of the Const. who wanted a strong Federal govt & weak state govts? | Federalists like Franklin, Hamilton, & Washington |
| The series of essays supporting the Federalists? | Federalist Papers #10 & #51 are the most imp. |
| These men wanted a weak Federal govt. & strong state govts? | Anti-Federalists, such as Hancock & Jefferson |
| The series of essays supporting the Bill of Rights? | Brutus I and Brutus II papers |
| The eventual compromise to pass the Constitution was called the: | Bill of Rights... the first 10 Amendments |
| An Amendment may be proposed by Congress, & passed with a: | 2/3 Majority Vote |
| We are also protected from the govt by the use of: | Due Process, the rules that govern an arrest |
| The govt. also has the right to take private property for public....with payment: | Eminent Domain (incoming hwy.) |
| Some of the most imp rights our govt gives us are: | Private Property Rts. |
| When a person is formally accused of a crime? | Indictment |
| The 5th Amendment protects your right to remain silent against: | self-incrimination |
| The 5th Amendment also protects people from being prosecuted twice for the same offense: | Double Jeopardy |
| People are also protected since evidence in a criminal trial can only be used if obtained legally: | Exclusionary Rule |
| What means the right to vote? | Suffrage |
| Which Amendments are considered to be the Suffrage Amendments: | 15th, 19th, and 26th |
| What are the Civil War Amendments? | 13th, 14th, and 15th Amendments |
| The formal accusation of wrongdoing against a public official? | Impeachment |
| Case for Judicial Review: | Marbury v. Madison |
| Case for rights to an attorney: | Miranda v. Arizona |
| Case where a state must provide a defense attorney if you can't afford one: | Gideon v. Wainwright |
| Case that said Separate but equal was ok: | Plessy v. Ferguson |
| Case where school segregation was ruled illegal: | Brown v. Board of Education |
| Qualifications to be a US Senator: | 1. 30 yrs old 2. 9 yr resident 3. 6 yr terms |
| Qualifications to be a US Representative: | 1. 25 yrs old 2. 7 yr resident 3. 2 yr terms |
| The Senate is based on _______ while the House of Rep. is based on _______ | Equal Representation Population |
| What controls the agenda in each house? | Majority Party |
| Which group gets more leadership positions in Congress? | members w/more Seniority |
| Who is the presiding officer in the House of Rep? | Speaker of the House |
| Who is the presiding officer in the Senate? | VP of the US and he is the "Pres. of the Senate" |
| The President Pro Tempore is: | the member of the majority party w/most seniority in the Senate |
| When the VP is absent from the Senate, who is in charge? | President Pro-Tempore |
| How are legislative seats determined in the House of Rep? | Apportionment |
| What is used to reapportion the Legislative seats? | Census |
| What is it called when the party with the majority in the state legislature redraws the congressional district lines to increase their chance of winning? | Gerrymandering |
| When an issue or bill goes to Congress, it is first studied in either a: | 1. Standing Committee 2. Select Committee 3 Joint Committee |
| Which of the Committees are permanent fixtures in Congress: | Standing Committees |
| Which of the Committees work on legislation for special issues? | Select Committees |
| Which of the Committees include both houses to work on a special issue? | Joint Committees |
| Powers that go only to the Congress are called......... | Delegated or Enumerated Powers |
| What part of the Const. gives Congress power to pass all laws? | the "Elastic Clause" ... for all laws "necessary and proper" |
| What are laws not explicitly named in the Const. but assumed to exist because they are necessary? | Implied Powers |
| Powers that belong to the states are called? | Reserved Powers...given in the 10th Amendment |
| What requires states to recognize the public acts, legal records, contracts, & court decision made in other states? | "Full Faith & Credit Clause" |
| What is a court order to show a valid reason for a person's arrest & detention? | Writ of Habeas Corpus |
| Powers that are shared by both the State and Federal Govt. exercised simultaneously are: | Concurrent Powers...likes the power to Tax |
| The 1st step in a Bill becoming a law is: | Introduction into the House of Rep. |
| The 2nd step in a Bill becoming a law is? | being sent to a Committee---Committee Action |
| The 3rd step in a Bill becoming a law is: | Floor Action--- when the Bill is sent to the floor for debate & voting on |
| What sets the schedule & rules for debate in the House? | House Rules Committee |
| Who determines if a bill will be brought to the floor for debate in the Senate? | Senate Majority Leader |
| A long speech used in the Senate to block a vote on a bill? | Filibuster |
| When a vote is called to stop a Filibuster? | Cloture |
| A group that tries to influence & control govt by getting its candidates elected to public office? | Political Party |
| Our 2 "major" political parties are: | Republican (Conservative, Right) and Democrat (Liberal, Left) |
| What is a political party's official stand on the issues: | Party Platform |
| What is each party's policy on a specific issue called? | Plank |
| List several characteristics of the Republican Party: | 1. strong military spending 2. supports flat tax 3. less govt regulation 4. opposes gun laws 5. favors less govt intervention |
| List several characteristics of the Democratic Party: | 1. supports a progressive income tax 2. supports more gov intervention 3. decreased military spending 4. supports tax increases 5. supports gun control laws |
| The 2 political parties are made up of different special interest groups called: | coalitions |
| A large political party with power & influence is called a: | Political Machine |
| Local efforts by ordinary citizens to help parties organize and win elections are called? | Grassroots movements |
| Other Minor Parties are called? | Third Parties....for ie, Libertarian Party, Green Party |
| When a 3rd party draws votes away from one of the other two major parties, it's called: | a "Spoiler Role" |
| What is a SIG: | Special Interest Group |
| When a Special Interest Group tries to influence someone on an issue? | Lobbying |
| What raises money privately to influence elections or bills? | Political Action Committees (PACs) |
| What is it called with advertisements are used to influence the public? | Propaganda Techniques |
| In NC, what are the 3 things you have to do to vote: | 1. register 2. be a US citizen 3. be 18 yrs old by Election Day |
| When we are selecting the CANDIDATES for a major election is a: | Primary Election |
| What are the two types of Primary Elections: | Open Primary & Closed Primary |
| An Open Primary election means: | anyone of any political party affiliation may vote |
| A Closed Primary election means: | only those voters registered with the party may vote |
| Which group's job is to select candidates for a major election? | Caucus |
| The main election held between the winners of all primary elections is called the: | General Election |
| When anyone of any party affiliation can vote, but they can only vote in one primary election: | Semi-Open Primary |
| When a few states hold 2nd primary elections between candidates with the most votes: | Runoff Primaries |
| What are the qualification for being President? | 1. be at least 35 yrs. old 2. Native-born US Citizen 3. Lived in the US for 14 previous, consecutive yrs. |
| What limited the Presidency to two four-year terms? | 22nd Amendment |
| Which President was elected to 3 and then 4 terms? | Franklin D. Roosevelt |
| What created the order of succession if the President is removed from office? | Presidential Succession Act |
| What says the VP becomes the President if the President dies or is removed from office? | 25th Amendment |
| What are the 4 places of succession from the Presidency? | VP, Speaker of the House, President Pro-Tempore', and Secretary of State |
| What are some of the many titles of the President: | Chief Executive, Chief Diplomat, Commander in Chief, Legislative Leader, and Judicial Leader |
| The job of the President to uphold the Constitution & carry out the law is: | Head of the Executive Branch |
| The President carries out laws by: | Executive Orders |
| Executive Orders of the President are subject to: | Checks and Balances |
| As Chief Diplomat, the President makes: | Foreign and Domestic Policy |
| The President appoints official representatives to other countries, called: | Ambassadors |
| An agreement with a foreign country is : | Treaty |
| Treaties must be approved with a vote of .....in the Senate: | 2/3 Majority |
| What resolution halts the President's ability to use the military without Congressional approval? | War Powers Resolution of 1973 |
| The President, as Legislative Leader, give the nation an update of both foreign and domestic policy in his annual: | State of the Union Address |
| When the President rejects a decision from Congress it's called a : | Veto |
| The President may also appoint members to the: | Supreme Court |
| The President may also release someone from legal trouble or an offense in a.... | Presidential Pardon |
| If the President changes a punishment to a less severe one: | Commutation |
| A cancellation or postponement of a punishment by the President is a: | reprieve |
| If a President is under investigation for high crimes & misdemeanors he can be..... | Impeached (formally accused & removed from office) |
| Congress can check the President's power by: | limiting his appointment powers by blocking his job picks |
| The Judicial Branch can check the President's power by: | using the power of Judicial Review |
| A large, admn. structure of govt agencies is the: | Bureaucracy |
| People are hired into the govt. bureaucracy by way of the: | Civil Service System---Testing and merit |
| Executive Dept. includes: | Dept. of Treasury, D.o D. , Dept of Agriculture, Dept of Homeland Security etc.... |
| Executive Agencies include: | FBI |
| Independent Regulatory Commissions include: | FCC, FED, SEC, FTC, etc.... |
| Government Corporations include: | US Postal Service, Amtrak (you have to pay for these services) |
| Independent Executive Agencies include: | NASA, National Archives, CIA |
| What are courts created by the US Constitution? | Federal Courts |
| What is an appellate court that hears appeals from all of the US District Courts? | Circuit Courts |
| How many Justices does the Supreme Court have? | 9 |
| What courts are the Intermediate Level in the Federal Court system? | Courts of Appeal |
| What are the lowest level courts in the Federal System & have original jurisdiction over most cases? | District Courts |
| What are the roles of the Supreme Court? | 1. Interpret & apply law 2. resolve disputes 3. sets precedent for future cases |
| Which cases are taken to Federal Courts? | ones involving US Constitutional & Federal Law 2. Civil Suits against the Fed. Govt. |
| What is the authority to hear a case? | Jurisdiction |
| The right to hear a case for the first time is.... | Original Jurisdiction |
| The right to hear a case on appeal is..... | Appellate Jurisdiction |
| Matters dealing with the Const. go to...... | Federal Courts |
| Matters dealing with the State Const. & the state are heard by..... | State Courts |
| Matters dealing with civil and criminal cases within the region are heard by...... | Local Courts |
| When the US Sup. Crt. checks the validity of a legislative act...... | Judicial Review |
| W/the Sup. Crt., matters written to explain what a majority of the Crt. decided: | Majority Opinions |
| W/the Sup. Crt., matters written to agree with the majority opinion but give a different legal reason for doing so: | Concurrent Opinions |
| W/the Sup. Crt., matters written to explain why the minority disagreed with the decision of the Crt.: | Dissenting Opinions |
| When a Judge decides to follow decisions made in similar court cases: | a Precedent |
| When a Crt. interprets the law according to the how the Constitution is specifically written? | Strict Interpretation |
| When a Crt. interprets the law according to their personal view of the situation: | Loose Interpretation |
| Laws concerned with private relations in the community, rather than criminal affairs: | Civil Law |
| Laws concerned with the punishment of those who commit crimes: | Criminal Law |
| Laws the involve Judicial precedents and Judge-made laws are called: | Common Law |
| In a trial, the person being accused is the: | defendant |
| The person that files the complaint in criminal cases: | Plaintiff |
| The chief Attorney in an area is the: | District Attorney/DA..... Prosecutor |
| What requires a person to appear in court: | Summons |
| What is issued to require people to testify: | Subpoenas |
| Who issues arrest or search warrants: | Magistrate |
| What is the term for evidence to put a suspect on trial? | Probably Cause |
| A deal offered to get the defendant to plead guilty in exchange for a lighter sentence: | Plea Bargain |
| When a Grand Jury decides if there is enough evidence to formally charge a suspect with a crime: | Indictment |
| When a felony suspect is formally charged and asked to enter a plea: | Arraignment |
| In a Trial by Jury, ea. side gets a chance to question the witnesses. This is : | Cross-Examination |
| The final decision reached by a Jury is: | Verdict |
| When the accused applies to a higher court for a reversal of the initial decision: | Appeal |
| If the jury is unable to reach a decision, it is called a: | Hung Jury |
| Sometimes verdicts are reached with disputing parties working w/a neutral 3rd party to help with discussions..... | Mediation |
| When parties agree to a 3rd person listening and making a decision on a dispute...... | Arbitration |
| Amendment stopping unreasonable searches & insisting on probably cause: | 4th Amendment |
| Amendment dealing with Double Jeopardy: | 5th Amendment |
| Amendment insisting on a speedy & public trial...w/an impartial jury: | 6th Amendment |
| States get their power from the: | 10th Amendment |
| Items not mentioned in the Bill of Rights are guaranteed by the.... | Declaration of Rights...such as right to an education |
| The NC State Legislature is called the.... | General Assembly |
| Who is the leader of the House of Rep.? | Speaker of the House |
| Who is President of the NC Senate? | Lieutenant Governor |
| What are the 3 parts of the NC Amendment process: | Proposal + Referendum = Ratification |
| Who is the leader and 2nd in command of NC: | Governor & Lieutenant Governor |
| Some of the duties of the Governor: | make budget, appoint the Cabinet, pardon & grant clemency, & exercise the Veto |
| What are the Depts. & officials appointed & controlled by the Governor: | Cabinet |
| Dept of Revenue: | collects taxes |
| Dept of Health & Human Services | works with public health |
| What oversees the prison system? | Dept. of Corrections |
| Dept of Transportation | maintains hwys and the DMV |
| What is separate from the Cabinet, but is a part of the Executive Branch instead? | Council of State |
| List some of the members of the Council of State: | Governor, Lieutenant Governor, Attorney General, DPI, & SBI |
| Who is the leader of the state Executive Branch? | Governor |
| Who is second in power to the Governor? | Lieutenant Governor |
| Who oversees the NC Dept. of Justice? | Attorney General |
| What is the name of the state's Law Enforcement bureau? | State Bureau of Investigation (SBI) |
| What oversees the NC Public School System? | Dept. of Public Instruction |
| What is the agency charged with the administration of the Elections process? | State Board of Elections |
| What is the group in each county appointed to supervise political elections? | County Board of Elections |
| What controls the State Education System? | State School Board |
| What is a local committee in charge of public education? | Local School Board |
| NC court case that said every child has an opportunity to receive a sound, basic education? | NC v. Leandro |
| What is a town, city, or other district at the local level? | Municipality |
| A political & administrative division of a state, providing certain local govt. services is a.... | county |
| Local govt.s provide services such as..... | Water, police & fire protection, garbage, and zoning |
| Voters in each municipality elect their own govt board called a: | City Council or Board of County Commissioners |
| The elected head of a city or town is called: | Mayor |
| In a rural area, the mayor's job would be called the: | County Manager |
| In a city govt. where the city council makes decision to be carried out: | Council-Manager |
| In a city (municipality) who makes all the official decisions for the city: | City Council |
| In a city (municipality) who is responsible for carrying out the governing board's policies & running the local govt's operations: | City Manager |
| Who is elected to provide county law enforcement: | County Sheriff |
| Who is elected to keep county legal records, like births, deaths, marriage licenses.... | Register of Deeds |
| Where does state & local govt. get its funding? | State income tax, sales tax, estate taxes, corporate income tax |
| Where does most of the local & state funding go? | Education, Health & Human Services, and the Justice & Public Safety/Law Enforcement |
| What is designed to est restriction to various types of manufacturing, commercial, or residential use: | Zoning |
| What do cities use to expand their boundaries: | annexation |
| It is also the state's resp. to monitor services that only come from one or two providers.... | Utilities (gas, power, cable) |
| What is the management of money & financial decisions for a person or family? | Personal Finance |
| What is the gap between limited resources and limitless wants? | Scarcity |
| What is the compromise between what we want and our income? | Trade-off |
| Money received for work or through investments? | Income |
| What is the measure of the economic value of an employee's skills? | human capital |
| What is the loss of potential gain from other alternatives when one alternative is chosen? | Opportunity Cost |
| What is a sum of money demanded by a govt. for its support or services? | Tax |
| What is the most basic type of bank account? | Savings Account |
| What is a bank account from which the customer can w/draw money by writing a check or using a debit card? | Checking Account |
| Depositing money is a ...... | Credit |
| Withdrawing money is a ....... | debit |
| The sum of money kept in a bank account is a..... | Deposite |
| When your employer puts your paycheck directly into your bank account it's..... | direct deposit |
| What pulls money directly from your Checking Account? | Debit Card |
| When there are electronic transfers of money between bank accounts.... | Automated transactions |
| Buying something now, and promising to pay for it later.. | Credit |
| The number ranging from 300-850 that shows a customer's creditworthiness.... | Credit Score |
| Type of loan where the money you spend on a card is borrowed from a lender... | Credit Card |
| A tax levied by govt directly on personal income.... | Income Tax |
| What is a tax that an employer withholds and pays on behalf of employees? | Payroll Taxes |
| What is the cost or charge for something you pay every month? | Expenses |
| What is the yearly charge for borrowing money or having a loan? | Annual Percentage Rate (APR) |
| What is the property that a debtor puts up to guarantee repayment of a debt? | Collateral |
| What is the profit you make when you sale any property? | Capital Gains |
| What is the sum of money paid regularly (typically quarterly) to shareholders out of a companies' profits? | Dividends |
| What is a safe investment that is a timed deposit, such as for 24 months? | Certificates of Deposit (CDs) |
| A good strategy on investing is when you should make a wide variety of investments in your plans so you don't loose everything if the company closes? | Diversification |
| When you purchase a piece of ownership in a company it's called buying..... | Stock |
| An investment option where a group manages an investment plan that brings a number of investors to pool their money and use it to invest in stocks or bonds..... | Mutual Fund |
| What is property owned by a person or company that can meet debts? | Assets |
| What is the fixed amount of costs you are responsible for before your insurance coverage starts picking up the bill? | Deductible |
| What is it called when you are held responsible for something, like money or debts? | Liability |
| What protects you against financial loss if you have an auto accident? | Car Insurance |
| What pays for damage to your car? | Property Coverage |
| What pays for your legal responsibility to others in the case of bodily injury or property damage? | Liability Coverage |
| What pays for the cost of treating injuries, rehab, and lost wages or funeral expenses? | Medical Coverage |
| What is coverage that provides for the payment of benefits as a result of sickness or injury? | Health Insurance |
| What are the laws designed to protect consumer rights against damaged, faulty, or dangerous goods & services? | Consumer Protection Laws |
| Which govt agency insures the money we put into a bank? | FDIC |
| Which govt agency regulates the Stock Mkt.? | SEC |
| Which govt agency promotes consumer protection & works against monopolies? | FTC |
| What represents monetary transactions in an economy? | Circular Flow Model |
| Type of business where 1 person or family owns the firm.... | Proprietorship |
| A business or firm owned and run by two or more partners.... | Partnership |
| A legal entity that is separate from its owners..... | Corporations |
| What is a business in which the owners sell the rights to their business logo and name to a 3rd party retail outlet? | Franchise |
| What is the name of our nation's cycle of economic expansion and contraction? | Business Cycle |
| What is it called when the economy is growing? | Expansion |
| What is it called when the economy is contracting? | Recession |
| What is a sustained, long-term downturn in economic activity lasting 2 or more years? | Depression |
| What are the statistics that show the direction the economy is headed, such as retail sales and employment levels? | Economic Indicators |
| What is the total value of everything produced by all the people and companies in the country? | Gross Domestic Product (GDP) |
| What is the rising price of goods and services over time called? | Inflation |
| What is the monthly measurement of prices for household goods and services? | Consumer Price Index (CPI) |
| What is the share of the labor force that it jobless? | Unemployment Rate |
| What is the rivalry among sellers trying to make more profit? | Competition |
| What is the total amount of money that a country's govt. has borrowed? | National Debt |
| What is the difference between what the govt. takes in and the amount of money it spends? | Deficit |
| What is a tax that takes a larger % from high-income earners than it does from low-income individuals? | Progressive Tax Code (Income Tax) |
| What are the deductions from an employee's wages? | Payroll Taxes |
| What is a market dominated by a single seller? | Monopoly |
| What is a state of limited competition, where the market is shared by a small number of sellers? | Oligopoly |
| When a company obtains goods or services from an outside or foreign supplier instead of here in the states? | Outsourcing |
| What is an organization of workers dedicated to promoting members' interests & working conditions? | Labor Union |
| What is the process where workers (through their unions) negotiate contracts w/their employer? | Collective Bargaining |
| When all workers agree to stop working in order to get a concession from their employer...... | Strike |
| What is a market where shares of ownership of public companies are traded? | Stock Market |
| A time of several months or years during which stock prices consistently rise...... | Bull Market |
| A period marked with falling stock prices & low investor confidence...... | Bear Market |
| What is a measure of the avg change over time of prices paid by consumers for goods and services? | Consumer Price Index (CPI) |
| What involves changing the interest rate and influencing the money supply? | Monetary Policy |
| What involves the govt. changing tax rates & levels of govt. spending to influence supply & demand? | Fiscal Policy |
| What is the central banking system of the US? | Federal Reserve |
| What is income distributed unevenly among a population? | Income Inequality |
| What is a govt. program that guarantees certain benefits to a particular group of the population? | Entitlement Programs.....ie, Social Security, Medicaid |
| What are the most important Factors of Production? | land, labor, capital, & entrepreneurship |
| What is an amount of something left over when requirements have been met? | surplus |
| What is a state or situation in which something needed cannot be obtained in sufficient amounts? | shortage |
| What type of economic system has a hands-off, laissez-faire approach? | Market Economy |
| What type of economic system is a hybrid that blends some aspects of both planned & mkt. economies? | Mixed Economu |
| What type of economic system has a "hands-on" system, such as socialism or communism..... | Planned Economy or a Command Economy |
| What is an economy where the govt. imposes few or no regulations on buyers & sellers? | Free Mkt. Economy |
| What is an economic system in which private business operates in competition and largely free of state control? | Free Enterprise System |
| What is the measure of the economic value of an employee's skill set? | Human Capital |
| What is used to refer to a point at which the level of profits or benefits gained is less than the amt. of money invested? | Law of Diminishing Returns |
| What is the assignment of different parts of a manufacturing process or task to different people to improve efficiency? | Division of Labor |
| What is used to determine options that provide the best approach to achieve the most benefits in a business? | Cost Benefit Analysis |
| What is a govt. restriction on the prices that can be charged for goods and services in a market? | Price Controls |
| What is the legal maximum price for a good or service? | Price Ceilings |
| What is the legal minimum price for a good or service? | Price Floors |
