Shared Flashcard Set

Details

Vocab. Quiz #1
Vocabulary
33
Economics
8th Grade
05/12/2008

Additional Economics Flashcards

 


 

Cards

Term

Declaration of Independence

Definition
"Life, liberty, and the persuit of happiness" stated that the U.S. was free from Great Britain.
Term
Charters of the VA Compony of London
Definition
Rights of English men guaranteed to colonists
Term
Represenative Government
Definition
People elect office holders to make laws.
Term
Limited Government
Definition
Government is not all-powerful and may only do only those things people have given it power to do.
Term
Virginia Declaration of Rights
Definition
Served as a model for the Bill of Rights to the Constitution by Gerorge Mason.
Term
Democracy
Definition
In a democratic system of Government, the people rule.
Term
Concent of the Governed
Definition
People are the source of any and all government power.
Term
Constitution
Definition

-Protects fundamental freedoms

-Establishes the structure of U.S. government

Term
Purposes of the Constitution
Definition

-To form a more perfect union

-To establish justice

-To ensure domestic peace(tranquility)

-To provide defense

Term
Preamble
Definition

-Expresses reasons why the Constitution was written.

-Establishes that the power of government comes from the people.

Term
Federal System of Government
Definition
The national government is supreme over the state and local government.
Term
Powers of the national Government
Definition

-expressed powers specifically listed in the Constitution.

-inplied powers used to carry out expressed powers in the Constitution.

-Powers not given to National gov't by The Constitution are reserved for the states.

Term
Judicial Branch
Definition

NATIONAL: supreme court has power of Judicial Review

Term
Legislative Branch
Definition
NATIONAL: makes laws for nation, approvespresidential appointments.
Term
Executive branch
Definition
NATIONAL: Executes law of the land
Term
Seperation of Powers
Definition
Power is divided among the three branches to prevent any one branch from abusing its power.
Term
Admending the Const.
Definition

1. Action by congress or convention

2. Ratifacation by the states

 

Total of 27 admendments

Term
Choice
Definition
Selecting an item of action from a set of possible alternatives
Term
COmmand Ecomnomy
Definition
the gov't decides what produsts to make, how many, how to make them and who gets them
Term
Communism
Definition

A system in which the govt owns all land, business, and resources, associated with command economy.

Term
Competition
Definition
More than one individual or business produces a similiar product.
Term
Consumer Sovereinty
Definition
Consumer preferences and price determines what is purchased.
Term
Consumption
Definition
Buying and using a product.
Term
Free market
Definition
Individual consumers make basic economic decisions based on supply and demand.
Term
Incentives
Definition
Things that motivate or encourage and individual toward an action ; ex. buy one get one free.
Term
Mixed Economy
Definition
Individuals and the govt share in the decision making process.
Term

Opportunity Cost

Definition
What's given up when a choice is made.
Term
Price
Definition
The amount of money exchanged for goods or services.
Term
Private Property
Definition
Anything owned by an individual or business.
Term
Production
Definition
Turning resources into a final good or service.
Term
Resources
Definition
Anything used in the production of goods and services such as raw materials, human labor, capital money and entreprenuership.
Term
Scarcity
Definition
The inability to satisfy all wants at the same time, resources and goods are limited.
Term
Supply and Demand
Definition
Price of a product is determined by how much of it is available, and how much consumers want it.
Supporting users have an ad free experience!