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The Classic Dictionary of Civics and Economics Created by: Kristen
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Goal 6 Accessible public officials Family law Franking privilege Ideological belief Professional group Independent agencies Justinian codes Regulatory commissions Recidivism Restitution Retribution Special task forces Purpose, Development, and Implementation of Laws
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Accessible public officials- Inform the public by making themselves accessible to the press and the people
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Family law- Divorce, adoption, child custody, etc cases Adoption Center
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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 To: Constituent 2131 Free Dr. Nowhere, CL 39023 No Postage
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Ideological belief- Instead of promoting economic concerns, they promote a moral cause Don’t lie and don’t steal!
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Independent agencies- Agencies that are created by the legislative body of the national or state governments Federal government National government
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Justinian codes- Centuries of Roman law packed together. They were used to establish a strong emperor. They eventually influenced Christianity
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Recidivism- When criminal behaviors are repeated by the same person or repeat offenders
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Regulatory commissions- They oversee certain things, are created by the government Governor
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Restitution- When a criminal has to give back the property or money they stole
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Retribution- the act of punishing a criminal
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Professional groups- Lobbyists for jobs that require special training Doctors need more pay! Save health care today!
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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
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Goal 7 Business organization Consumer sovereignty Capital Investment Wealth of Nations Economic exchange Fiscal policy Immediate gratification Keynesian Theory Marginal cost Producer Price Index Making Economic Decisions
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Business organization- The way businesses sell their goods/products Lemonade $.50 Bob’s Lemonade!!!
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Capital Investment- Human capital and capital goods investment $ 5 For Human Capital and capital goods
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Consumer sovereignty- Decision of producers of what products that should be produced, it is based on the product’s demand Bell
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Economic exchange- Trading one item for another
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$ 1 Fiscal policy- The strategy of the government in order to influence aggregate demand to use the changes in taxation and in public spending $ 1 Blah, blah, bleh And that is how we’re doing to influence aggregate demand Well if we do this then…
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Immediate gratification- The fulfillment of the product occurs right away because it is needed Water
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Keynesian Theory- Supports a strict fiscal policy for the government Fiscal Policy NO! Keynesian Theory
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Marginal cost- The cost of producing one more unit of a product $ 1
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Producer Price Index- It estimates the cost of goods when producers either buy or sell goods Index Oakley’s- $300 Sunscreen- $1.50 Cost or plastic- $2.00 per pound Index
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Wealth of Nations- Written by Adam Smith, it says that incentives lead the market Wealth of Nations By Adam Smith A.K.A “Incentives”
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Goal 8 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 The US Economy
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Barter system- Trading things that one wants for things one has
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Craft unions- Workers of the same occupation and all skilled
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Disposable income- After paying taxes, it’s the leftover income that a household has Left over income
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Federal Deposit Insurance Commission (FDIC)- Created to make sure banks, loan offices, credit unions, etc can cover their deposits $ $ covered ! $ Bank $
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Lock-out- Business owners “lock” their doors so employees can’t work (the owner’s version of a strike) CLOSED to all employees!
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Medium of exchange- Something that is used for exchange (i.e. money) $5 $1
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Reserve requirement- Required amount of money that banks have keep on hand $ Bank $ $5 $1 $5
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Taft-Hartley Act- Weakened unions because it forced the hire of union workers by employers Employers MUST hire union workers
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“Tight money” policy- When the government raises the reserve requirement which in turn releases less money to the economy and decreasing inflation Reserve requirement Reserve requirement $1 Inflation
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Voluntary exchange- The consumer gives the producer something else of value in exchange for that producer’s good or service $5 Lawnmower
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Goal 9 Outsourcing NIMBY “Rust Belt” Bull Market Bear Market Deregulation Globalization Comparative advantage Favorable balance of trade OPEC oil embargo Factors Influencing the US Economy
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Bear Market- When the economy stalls and prices fall at a steady pace
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Bull Market- When, over a period of time, there is a rise in prices
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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
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Deregulation- Stop or decrease regulation of a product or service STOP
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Favorable balance of trade- A country imports less than it exports (i.e. mercantilism) Beef- $10 Poultry- $5 Corn- $5 Peaches- $7 Chocolate- $12
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Globalization- Businesses that have world-wide connections
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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!
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Open market operations- When US treasury bonds are sold or purchased Bond SOLD!!!
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Outsourcing- Businesses that would have usually done certain tasks for themselves paying other firms to do those tasks
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“Rust Belt”- States in the northern Midwest Michigan, Indiana, Ohio, Pennsylvania
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Goal 10 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 Issues and Responsibilities in US Society
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Assimilate- Becoming part of the regular US population
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Community spirit- Having pride in one’s community and thriving to make it better
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Earning capacity- Amount of earnings one is likely to earn in their lifetime Bob Grinhorn-94 yrs
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Graft and political corruption- Using the position as a political leader to make money
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Life long learning- Being an informed citizen through newspapers, books, magazines, etc TIME
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Opportunity to pursue success- The freedom to be successful, dream our own goals, and set our own goals
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Social choices- Any choice as how one chooses to live their life as long as it is legal
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Socio-economic status- A social or economic class one is born into or obtained while they live Hobo
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Speaking to issues- Creating and expressing our own educated opinions about essential issues Well I think that the health care bill…
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Voluntary compliance- Citizens have to know that obeying laws and standards of the community help order be maintained Community Rules: OBEY!
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