Sabrina Harmon
Period: 1
September 15, 2016
Vocab Assignment
Due September 15th
Government: the people in charge that make the rules for the society and have the authority to enforce them
Economics: production, consumption and how money is transferred.
Politics: where the problems of how society should use its resources and who gets what benefits are resolved through a certain process
Civics: the study of the rights of people and duties as a citizen
Democracy: a government system where the people are governing
Republic: representative government where the people have the power
Totalitarianism: absolute control coming from the state or a specific branch of a higher level
Dictatorship: a form of government where one person or a group
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The privately owned land is the capitalist institution.
Republican: member/someone who supports the Republican party and believes in their values
Democrat: member/someone who supports the Democratic party and believes in the party’s values
Liberal: open to changes and being willing to stop traditional values
Conservative: not open to change and holding onto the traditional values and not wanting to let go
Right: conservative end of the political party
Left: liberal end of the political party
Popular Sovereignty: government system where the people have all authority
Social contract: agreeing to regulate relations and have mutual protection
Executive Branch: the federal/state branch of government that enforces the laws made by the legislative branch but interpreted from the judicial branch
Legislative Branch: branch in government that creates the
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Government Definition: a group of people who come together and voice their opinion on something
Special interests: a group or organization who lobbies to get special advantages
Scarcity: a shortage
Opportunity cost: when you choose one thing but may lose something else by choosing that option (what you give up to choose one thing)
Factors of production: what you put into the production to get economic profit out of it (includes land, labor, capital and entrepreneurship)
Free market economy: system where the people decide how much the goods and services cost and the forces of supply and demand cannot be interfered with by the government
Planned economy: another term for command economy in which the production, investments and goods and services have prices decided by the government
Mixed economy: a system where the public and private ownerships are combined
Traditional economy: an original system where the goods are services produced as well as how they are distributed are directly affected by traditions, beliefs, and customs
Circular flow model: the wages of workers goes back to firms to exchange for products and it’s the flow of money in the economy
Business cycle: explained in terms of periods or expansion or recession and the cycle is how the economy changes over