The Classic Dictionary of Civics and Economics Created by: Kristen.
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Transcript of The Classic Dictionary of Civics and Economics Created by: Kristen.
![Page 1: The Classic Dictionary of Civics and Economics Created by: Kristen.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649edd5503460f94bedca8/html5/thumbnails/1.jpg)
The Classic Dictionary of Civics and Economics
Created by: Kristen
![Page 2: The Classic Dictionary of Civics and Economics Created by: Kristen.](https://reader036.fdocuments.us/reader036/viewer/2022062719/56649edd5503460f94bedca8/html5/thumbnails/2.jpg)
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 governmentNational 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$ 5 $ 5$ 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
$ 1
$ 1 $ 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$1$1$1
$1$1
InflationInflation
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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
CommunityRules:
OBEY!