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The Classic Dictionary of Civics and Economics

The Classic Dictionary of Civics and Economics. Created by: Kristen. Goal 6. Purpose, Development, and Implementation of Laws. Accessible public officials Family law Franking privilege Ideological belief Professional group Independent agencies. Justinian codes Regulatory commissions

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The Classic Dictionary of Civics and Economics

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  1. The Classic Dictionary of Civics and Economics Created by: Kristen

  2. Goal 6 Purpose, Development, and Implementation of Laws • Accessible public officials • Family law • Franking privilege • Ideological belief • Professional group • Independent agencies • Justinian codes • Regulatory commissions • Recidivism • Restitution • Retribution • Special task forces

  3. Accessible public officials- Inform the public by making themselves accessible to the press and the people

  4. Family law- Divorce, adoption, child custody, etc cases Adoption Center

  5. Franking privilege- Sending mail that deals with responding to letters from constituents or send out newsletters for free From: Government Official 8090 Government Lane Washington D.C. 17694 No Postage To: Constituent 2131 Free Dr. Nowhere, CL 39023

  6. Ideological belief- Instead of promoting economic concerns, they promote a moral cause Don’t lie and don’t steal!

  7. Independent agencies- Agencies that are created by the legislative body of the national or state governments Federal government National government

  8. Justinian codes- Centuries of Roman law packed together. They were used to establish a strong emperor. They eventually influenced Christianity

  9. Recidivism- When criminal behaviors are repeated by the same person or repeat offenders

  10. Regulatory commissions- They oversee certain things, are created by the government Governor

  11. Restitution- When a criminal has to give back the property or money they stole

  12. Retribution- the act of punishing a criminal

  13. Professional groups- Lobbyists for jobs that require special training Doctors need more pay! Save health care today!

  14. Special task forces Groups that are created temporarily by the government to investigate a specific area POLICE LINE DO NOT CROSS POLICE LINE DO NOT CROSS POLIC LINE DO NOT CROSS POLICE LINE DO NO

  15. Business organization Consumer sovereignty Capital Investment Wealth of Nations Economic exchange Fiscal policy Immediate gratification Keynesian Theory Marginal cost Producer Price Index Goal 7 Making Economic Decisions

  16. Business organization- The way businesses sell their goods/products Lemonade $.50 Bob’s Lemonade!!!

  17. Capital Investment- Human capital and capital goods investment For Human Capital and capital goods $ 5 $ 5 $ 5 $ 5

  18. Consumer sovereignty- Decision of producers of what products that should be produced, it is based on the product’s demand Bell ? ?

  19. Economic exchange- Trading one item for another

  20. Fiscal policy- The strategy of the government in order to influence aggregate demand to use the changes in taxation and in public spending $ 1 $ 1 Well if we do this then… And that is how we’re doing to influence aggregate demand Blah, blah, bleh

  21. Immediate gratification- The fulfillment of the product occurs right away because it is needed Water

  22. Keynesian Theory- Supports a strict fiscal policy for the government NO! Fiscal Policy Keynesian Theory

  23. Marginal cost- The cost of producing one more unit of a product + $ 1 $ 1 $ 1 = $ 1

  24. Producer Price Index- It estimates the cost of goods when producers either buy or sell goods Index Index Cost or plastic- $2.00 per pound Oakley’s- $300 Sunscreen- $1.50

  25. Wealth of Nations- Written by Adam Smith, it says that incentives lead the market Wealth of Nations By Adam Smith A.K.A “Incentives”

  26. Taft-Hartley Act Lock-out Disposable income Craft unions “Tight money” policy Barter system Medium of exchange Reserve requirement Federal Deposit Insurance Commission (FDIC) Voluntary exchange Goal 8 The US Economy

  27. Barter system- Trading things that one wants for things one has

  28. Craft unions- Workers of the same occupation and all skilled

  29. Disposable income- After paying taxes, it’s the leftover income that a household has Left over income

  30. Federal Deposit Insurance Commission (FDIC)- Created to make sure banks, loan offices, credit unions, etc can cover their deposits $ Bank $ $ covered! $

  31. Lock-out- Business owners “lock” their doors so employees can’t work (the owner’s version of a strike) CLOSED to all employees!

  32. Medium of exchange- Something that is used for exchange (i.e. money) $1 $5

  33. Reserve requirement- Required amount of money that banks have keep on hand $ Bank $ $5 $1 $5

  34. Taft-Hartley Act- Weakened unions because it forced the hire of union workers by employers Employers MUST hire union workers

  35. “Tight money” policy- When the government raises the reserve requirement which in turn releases less money to the economy and decreasing inflation $1 $1 Reserve requirement $1 $1 $1 $1 Reserve requirement Inflation Inflation

  36. Voluntary exchange- The consumer gives the producer something else of value in exchange for that producer’s good or service $5 Lawnmower

  37. Outsourcing NIMBY “Rust Belt” Bull Market Bear Market Deregulation Globalization Comparative advantage Favorable balance of trade OPEC oil embargo Goal 9 Factors Influencing the US Economy

  38. Bear Market- When the economy stalls and prices fall at a steady pace

  39. Bull Market- When, over a period of time, there is a rise in prices

  40. Comparative advantage- When a country can do a better job of producing goods than another, but obtains that product from another country to focus on producing goods that they’re better at

  41. Deregulation- Stop or decrease regulation of a product or service STOP

  42. Favorable balance of trade- A country imports less than it exports (i.e. mercantilism) Corn- $5 Peaches- $7 Chocolate- $12 Beef- $10 Poultry- $5

  43. Globalization- Businesses that have world-wide connections

  44. NIMBY- “Not In My Backyard” was chanted to oppose businesses who wanted to build near residential neighborhoods Not In My Backyard! Not In My Backyard! Not In My Backyard!

  45. Open market operations- When US treasury bonds are sold or purchased SOLD!!! Bond

  46. Outsourcing- Businesses that would have usually done certain tasks for themselves paying other firms to do those tasks

  47. “Rust Belt”- States in the northern Midwest Michigan, Indiana, Ohio, Pennsylvania

  48. Life long learning Socio-economic status Earning capacity Assimilate Speaking to issues Voluntary compliance Graft and political corruption Social choices Opportunity to pursue Community spirit Goal 10 Issues and Responsibilities in US Society

  49. Assimilate- Becoming part of the regular US population

  50. Community spirit- Having pride in one’s community and thriving to make it better

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