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Economics Chapter 4, Sections 1-2: The Laws of Supply and Demand Terms to Know: Section 1: Value of Goods Demand is the amount of a good that is bought at a certain price under certain conditions, or the relationship between a good's price and the amount of that people are willing to buy. Supply is the quantity of a good for sale at a certain price under certain conditions or the relationship between a good's price and the amount that producers are willing to provide for consumers. The value in use is the value that is directly related to the benefits their owners receive through their use. The value in exchange us what a particular good is worth in exchange for some other good. The price is the amount of money that a buyer pays the seller for a particular item. Section 2: Marginal Utility and Value The diminishing marginal utility is the phenomenon where one's supply of a specific good or service increases, the satisfaction derived from each addition

Economics Chapter 3, Sections 4-6: Capitalism and Entrepreneurs Terms to Know: Section 4: The Factor of Capital A subsistence economy is an economic system that provides barely enough to keep society alive. Private capitalism is the system in which the majority of a nation's capital is owned and controlled by private individuals and businesses. State capitalism is a system in which the owner of much of the nation's capital is a powerful, centralized apparatus called the collectivist state. A capitalist is anyone who owns producer goods or owns a share of some business that produces goods. Section 5: The Factor of Entrepreneurship Entrepreneurship is the intelligent direction and supervision of natural and human economic resources. An entrepreneur is a person who undertakes the management of economic enterprises on a bold scale, with some danger of losing his investment of money and time. It is the entrepreneur who joins together the production factors an

Economics Chapter 3: The Factors of Production Terms to Know: Section 1: Prosperity Does Not Grow on Trees The Five Main Factors for Production: (1) Natural Resources (2) Labor (3) Capital (4) Entrepreneurship (5) Information Types of Economies: A traditional economy is a system in which decisions involving the production, distribution, and consumption of goods are based upon on custom, heredity, and caste. A planned (directed) economy is a system in which a centralized authority determines the production and distribution of goods and services as well as things like savings, investments, and prices. A free enterprise economy is a system in which people are free to make their own economic choices, also know as private capitalism. Section 2: The Factor of Natural Resources Natural resources are land and other raw materials. Section 3: The Factor of Labor Labor refers to any work, whether physical or mental, that contributes to the production of

Economics Chapter 2, Section 3: Adam Smith & The Wealth of Nations Terms to Know: Section 3: Adam Smith & The Wealth of Nations Division of labor is the separation of work into individualized tasks. Section 4: Ways to Prosperity Prosperity means economic success or the condition of enjoying many goods, including services. Wealth is the value of all the things that people own, including money, property, capital goods, and consumer goods. The 6 Necessary Ways to Prosperity (1) Produce more goods from existing resources. (2) Increase the number of resources available for the production of goods. (3) Find new resources to satisfy existing wants. (4) Make goods already being produced more effective in satisfying wants. (5) Reduce people's wants. (6) Redistribute the goods that are already being produced among the population. Essential to Remember The true source of prosperity is diligent work directed by ingenious intelligence allowed to de

Economics Chapter 2: Economists & Economic Laws Terms to Know: Section 1: First Principles of Economics The laws of economics are the general rules or principles guiding the production, distribution, and consumption of goods. Section 2: Early Economic History The trade balance is the difference in the value of the goods that a country sells abroad compared to those it purchases from other countries. Tariffs are taxes that governments apply only to imported goods. Imperialism is the establishment of colonies and extensive territories created to benefit their mother countries. Laissez-faire means "let things alone". Adam Smith was the founder of modern economics.

Economics Chapter 1, Sections 4-7: Goods, Wants, and Needs Terms to Know: Section 4: Everything Has to Be Worked For The first thing to understand about economics is that all good have to be worked for. Producers are the persons who work to provide goods. Consumers are people who use goods. Economics is the study of that material side of life in which everything has to be worked for and paid for. No goods are really free, for someone has had to work to produce them. Section 5: Goods, Wants, and Needs There is not an unlimited supply of any good. Even in the more prosperous countries, there never are enough goods produced to satisfy everybody's wants. A need is a necessity - something it would be difficult to do without. A want is a desire, a longing, an appetite for something. Section 6: Goods for Production, Goods to Use Up A capital good (investment good) is anything used in the production and distribution of goods and services. Consumer goods are

Economics Chapter 1: Everybody's Economics Terms to Know: Section 1: Why Bother about Economics? Economics is the study of the choices that individuals and societies make in the production, distribution, and consumption of goods. Section 2: What is an Economy? An economy is any system for the production, distribution, and consumption of goods and services. Section 3: Economics & the Language of Economics Economists are scholars of the production, distribution, and consumption of goods within an economy. Macroeconomics is the study of national and international economics and how these major economies are affected by large-scale choices and public policies. Microeconomics is the study of specific components within a major economy and how the choices made by individuals, households, and businesses affect that economy. Economic models seek to show the relationships among the various components of an economy. A good is a tangible item that people want and

American Government Chapter 12: The American Citizen in Action - Making a Difference Terms to Know: Section 1: The United States Citizen Two ways a person could be an American citizen is by birth or naturalization. Jus soli means "law of the soil". Jus sanguinis means "law of the blood" Expatriation is the legal process by which a person renounces his citizenship An alien is a foreign-born resident of a country who has not become a naturalized citizen. A visa is a right of admission to the United States. A passport is a travel document for identification and safe passage to a different country. Naturalization is the process whereby a person changes citizenship from one country to another. Section 2: Political Participation in America Conscription (draft) is a system whereby able-bodied men are required to join a particular branch of the armed forces for a certain period of time. As American citizens, we can: Contact elected and ap

American Government Chapter 11, Section 6: Financing State and Local Government Terms to Know: Section 6: Financing State and Local Government The single most important source of revenue among the states today is the sales tax. Selective sales tax are put on items such as gasoline, tobacco products, alcoholic beverages, and certain other commodities. The sales tax is considered a regressive tax because it tends to place the greatest burden on those with lower incomes. The federal income tax is progressive, persons with greater incomes pay at a higher rate. Property Tax Today, the property tax is the chief source of income for local governments. Personal property includes personal possessions. Tangible property includes movable property which is easy to assess. Intangible personal property can be bank accounts, personal property, and bonds. Many states levy a severance tax for the removal of natural resources, such as coal, oil, and fish.

American Government Chapter 11, Section 5: Local Government Terms to Know: Section 5: Local Government County Government A county is the largest unit of local government in most states. A county board usually consist of members elected to represent district within the county. Members' terms usually range from 2 to 8 years. The board of commissioners usually consist of 3 to 7 members and the members are elected specifically to this body and hold no other public office. A board of supervisors usually consist of 12 to 50 members and the members are elected to represent townships within their county and usually hold a township office as well as a county office. Other Major County Officials The sheriff provides police protection for rural areas and supervises the county jail and detention facilities. The county assessor appraises taxable property within the county. The treasurer receives taxes and fees and acts as the caretaker of county funds. The clerk or recorde

American Government Chapter 11, Section 2-4: State Executives, Legislatures, and Courts Terms to Know: Section 2: State Executive Officers A plurality of votes means more votes than anyone else. Impeachment is the process of removing a governor.  A recall is a process of removing a governor by voting. Ex officio means by virtue of office or position. Executive orders are orders that dictate how a law should be carried out. An item veto is the power to veto part of a bill without vetoing the entire bill. State Executive Positions The lieutenant governor presides over the State Senate and serves as acting governor when the governor is out of the state. The secretary of state is in charge of keeping a wide variety of state records and documents. The attorney general is the state's chief prosecutor and gives legal advice to the governor and other state officials. The treasurer is the guardian of state funds and makes payments out of the treasury when funds ha

American Government Chapter 11: State and Local Government Terms to Know: Section 1: Fifty Individual States A constitution is a written plan which sets up a form of government and establishes its basic governing principles. A state constitution serves as the state's fundamental law. The Massachusetts constitution is the oldest written constitution now in force anywhere in the world. Current State Constitutions Preamble - a short introductory statement telling why the constitution was written. Bill of rights - provisions listing the basic rights of the people and limiting the powers of government. Description of state government - provisions for the three separate branches of state government. General provisions - provisions dealing with voting qualifications and elections. Provisions for change - provisions dealing with the process by which the constitution may be amended. Changing State Constitutions Revision is a major change in a state constituti

American Government Chapter 10: American Federalism Terms to Know: Section 1: Federalism - A Divison of Power The United States is a constitutional republic (or federal republic) - a republic governed by a written constitution. The term federalism has to do with the division of power among the governments within a nation. In a unitary system, the central government possesses all of the power and rules through the local governments. In a confederacy, the local units possess all political power and delegate select powers to the national government. A federal system is one that divides political power between the national government and the state governments. Full faith and credit is simply the act of one state honoring the civil laws and court decisions of other states. Privileges and immunities are the special rights and protections guaranteed to the citizens of a state. Extradition is the surrendering of an accused or a convicted felon to the state from which he f

American Government Chapter 9, Section 4: Amendments XI-XXVII Terms to Know: Amendment 11: Lawsuits against States The Eleventh Amendment deals with lawsuits filed against states in federal court. Amendment 12: Election of President and Vice President The Twelfth Amendment provided for separate ballots for President and Vice President. Amendment 13: Abolition of Slavery President Abraham Lincoln's Emancipation Proclamation declared the slaves within the Confederacy to be free, but slaves that remained in the Union were not affected until the ratification of the Thirteenth Amendment. The Thirteenth Amendment abolishes slavery and involuntary servitude. Amendment 14: Civil Rights and Citizenship Section 1 of the Fourteenth Amendment granted citizenship to African Americans. It stated that anyone born in the United States was a citizen of the United States and of the particular state in which he/she resided. The Fourteenth Amendment did not recognize

American Government Chapter 9, Section 3a: Amendments III - X Terms to Know: Amendment 3: Quartering of Soldiers in Private Houses The Third Amendment affirmed the property rights of American citizens. To prevent the federal government of the United States from practicing the abuse of individual liberty, our Founding Fathers included in the Bill of Rights a definite prohibition against the forcible housing of soldiers in private homes. Amendment 4: Search and Seizures The Fourth Amendment protects citizens against unreasonable, unlawful searches by civil authorities without a warrant. A warrant is a written statement issued by a judge which gives a law officer the legal right to search for a particular thing in a specific place. The amendment also gives a lawful way to obtain evidence in cases involving criminal activities. Amendment 5: Criminal Proceedings A capital crime (such as first-degree murder) is one so serious that is punishable by death. In a court

American Government Chapter 9, Section 3: Amendment II - The Right to Bear Arms Terms to Know: Amendment II: Right to Keep and Bear Arms The Second Amendment contains two dominant ideas: (1) Militias are necessary to the security of a free state. (2) The right to keep and bear arms cannot be infringed (violated). Gun Control: The Brady Law of 1993 restricts the sale of handguns by requiring a waiting period for the purchase of a handgun. Many people will insist that more "gun control" will decrease the incidence of violent crime and seek to ban some or all handguns. However, when laws impede the right of citizens to "life, liberty, and property" or violate their right to keep and bear arms, public safety is imperiled. For example, the violent 1992 Los Angeles riots. How to Fix the System: The answer to crime is not "gun control" but "we the people control". If more criminals today were to receive sure and swift justice

American Government Chapter 9, Section 2: Amendment One Terms to Know: Section 1: Amendment One: The First Amendment makes two statements on religion: (1) Congress shall make no law respecting an establishment of religion. (2) Congress shall not prohibit the free exercise of religion. These statements were made to: (1) Prevent the establishment of a national religion or state church or the granting to any church or denomination to preferred legal status. (2) Safeguard the right to freedom of religion and liberty of conscience against invasion by the federal government. (3) Permit the individual states to deal with religious establishments or institutions as they saw fit without federal interference. No established religion: The declaration that "Congress shall make no law respecting an establishment of religion" does not mean that all religious influences and traditions in public and national life are prohibited. The Lemon Test, which decides es

American Government Chapter 9, Section 1: The Bill of Rights Terms to Know: Section 1: The Bill of Rights: A bill of rights is a statement of an individual citizen's legal privileges which may not be taken away by a civil government. For every right, there is a corresponding responsibility. For every privilege, there is a corresponding duty.

American Government Chapter 8, Section 3: The Supreme Court Terms to Know: Section 3: The Supreme Court: The Supreme Court is the highest tribunal of the United States. Since 1869, the Supreme Court has had eight associate justices in addition to the chief justice. The Supreme Court possesses both original and appellate jurisdiction. Judicial Review: Judicial review is the right of the Court to declare a law, or action based upon that law, unconstitutional. A writ of mandamus is a court order compelling a person to obey. The power of judicial review gives the Supreme Court its most important tool in checking and balancing Congress and the President. The Legal Road to the Supreme Court: A writ of certiorari is Latin for a writ "made for certain" The appellant is the person who appeals a case. Discretionary review is the power to decide whether it will hear a case or not. A petitioner is one who petitions a court to review the decision of a lowe

American Government Chapter 8, Section 2: The Judicial Process (Article III, Section 2) Terms to Know: Section 2: The Judicial Process (Article III, Section 2) The plaintiff is the person filing the lawsuit. The defendant is the person named in the suit. The trial is an official examination of available evidence in a court of law. The United States District Courts are the most active of the federal judiciary courts. Juries: The grand jury examines the evidence presented by the prosecutor to determine whether there is sufficient evidence against the accused to try a case. A hung jury is a jury that cannot agree on a verdict. The evidence is material presented as proof at a trial. The Exclusionary Rule states that evidence obtained illegally is not admissible in a court of law. Procedure in an Appeals Court: An appeal is a request that a higher court reviews the case records and verdict of the lower court. An appellate jurisdiction is the right of a court to