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