1.
Anarchy— The absence of any form of government.
2.
Direct Democracy— A form of government where each citizens has an actual say in the affairs of government.
3.
Representative Democracy— A form of government where citizens elect representatives to make decisions for them.
4.
Monarchy— A form of government led by a king or a queen.
5.
Socialist— Type of government where individuals and government share ownership in major businesses and government takes on a greater role in citizen’s lives.
6.
Communist— Type of government where the government owns and controls all aspects of life for its citizens.
7.
Dictatorship— Type of government that is usually controlled by one person who allows very little freedom or opposition.
8.
Totalitarianism / Authoritarianism— Form of government where little freedom or opposition is allowed.
9.
Oligarchy- Government that is ruled by a small group of people.
10.
Theocracy— Type of government that is ruled by religious leaders.
11.
Naturalization— Process where non-citizens gain citizenship.
12.
Visa— Formal permission from a non-citizen to be in a nation.
13.
Deportation- The process of being expelled from a nation.
14.
Duties— Things that all citizens are required to do.
15.
Responsibilities— Things that all citizens should do but are not required to do.
16.
Prejudice— Term that describes when a person has unfair thoughts or beliefs about a particular group of people.
17.
Discrimination— Term that describes a person who acts in an unfair manner toward a particular group of people.
18.
Affirmative Action— Government program designed to help women and minorities gain access to jobs in order to compensate for past discrimination.
19.
Glass Ceiling--- This term refers to the “invisible wall” that many women and minorities feel when it comes to climbing the corporate ladder.
20.
Reverse Racism— Idea that special efforts made to make up for past racism are in fact discriminating against others.
21.
Refugees— People who have fled their homes because of war or famine.
22.
House of Burgesses— First government in the Jamestown, Virginia—It was a form of representative democracy
23.
Mayflower Compact--- Agreement signed by the Pilgrims that created a direct democracy for the Plymouth Colony.
24.
Toleration Act— Law that created religious freedom in Maryland in 1649.
25.
Social Contract— Idea proposed by John Locke that citizens create government to provide them with security and if that contract is not fulfilled then they have a right to break it.
26.
Albany Plan— Plan presented during the French and Indian War by Ben Franklin that proposed the unification of the colonies in order to win the war.
27.
Proclamation of 1763— British law that prohibited the colonists from crossing beyond the Appalachian Mountains.
28.
Declaration of Independence— passed in July 1776 and written by Thomas Jefferson—This document proclaimed the independence of the colonies and gave the reasons for our proclamation.
29.
Saratoga— Battle where the colonists defeated the British and convinced the French to join on the American side.
30.
Valley Forge— Place where the colonial army nearly froze to death in the winter of 1777 because of a lack of supplies.
31.
Yorktown— Last battle of the Revolutionary War with the British surrender to Washington’s Army in 1781.
32.
Articles of Confederation— First government of the United States—Was a weak government with few powers and only lasted a few years until it was replaced.
33.
Shay’s Rebellion— Event that occurred when Massachusetts farmers revolted over high state taxes and caused people to realize the weakness of the government.
34.
Constitutional Convention— Meeting called in 1787 in Philadelphia to revise the Articles of Confederation however the delegates decided to replace the
Articles with a stronger government.
35.
Virginia Plan— Government proposed by James Madison at the Convention—It called for a three branch government with a legislature based on population.
36.
New Jersey Plan— Government plan presented by William Patterson that called for a legislature based on state equality and a group executive power.
37.
Great Compromise— Agreement made at the Convention of 1787 that created a two house legislature with one house based on population and the other based on state equality.
38.
3/5 Compromise— Agreement made at the convention of 1787 that slaves would count as 3/5 a person for the census to determine the population of each state.
39.
Slave Trade Compromise— Agreement at the convention of 1787 that Congress would not tax exports and slave trading could be banned in 20 years.
40.
Federalists— Political group who supported the passage of the new Constitution and its stronger government.

41.
Anti-Federalists— Political group who opposed the new Constitution and thought it lacked a specific list of people’s rights.
42.
Bill of Rights— Set of Amendments that were proposed at the request of Anti-Federalists to guarantee certain basic rights to the people.
43.
Preamble— Introduction to the Constitution that lists the purposes of government in the United States.
44.
“Full Faith and Credit” Clause— Statement in Article IV of the Constitution that says states will acknowledge the laws of other states and cooperate with one another over fugitives.
45.
Supremacy Clause— Statement of Article VI states that the national government is the highest form of government in the nation and that the Constitution is above all forms of government.
46.
Limited Government— Idea that the government is not allowed to do certain things. Many of these are listed in the Constitution or the Amendments.
47.
Checks and Balances— Idea that all three branches of government are designed so that they have the ability to stop other branches from becoming abusive.
48.
Separation of Powers— Idea that the powers of government should be divided so that government will be less likely to abuse the rights of citizens.
49.
Popular Sovereignty— Idea that people have the right to rule themselves through the democratic process of voting.
50.
Federalism— System of having multiple governments on the national, state, and local levels that are able to better respond to the needs of citizens.
51.
Enumerated Powers— Powers that are given only to the national government such as the power to declare war, raise an army, coin money, or make treaties.
52.
Concurrent Powers— Powers that are shared by all levels of government such as the power to tax, pass laws, and enforce laws.
53.
Reserved Powers— Powers that are only given to the states such as education, marriage laws, zoning regulations.
54.
Necessary and Proper Clause— Statement in Article I of the Constitution allows Congress to stretch its enumerated powers to do almost anything in the best interests of the citizens.
55.
Implied Powers— Powers that are not specifically written in the Constitution but are interpreted to exist.
56.
Strict Interpretation— Idea that the Constitution should be defined by the exact wording used.
57.
Loose Interpretation— Idea that the Constitution should be defined by using a broader definition of the words used.
58.
Original Intent— Idea that the Constitution’s meaning should be determined by what the Founding Fathers had written it to mean in their time.
59.
Eminent Domain— Power of the government to take land from citizens when needed for public benefit as long as the citizen is compensated.
60.
Grand Jury— Type of jury that determines whether there is enough evidence in a case to formally charge (indict) someone with the crime.
61.
Due Process— Idea that all citizens are guaranteed fair treatment by the government.
62.
Double Jeopardy— Right of all citizens to not be charged with the same crime after they have been acquitted by a jury of that same crime.
63.
Poll taxes— Payment that is required of a person before that are allowed to cast a vote---This is now illegal according to the 24 th Amendment.
64.
Slander— Legal term for publicly telling a false and damaging statement about someone .
65.
Clear and Present Danger— Idea that one’s speech is not free if that speech could endanger the lives of people around them. Established by the Supreme
Court in Schenck v. US.
66.
Establishment Clause— Statement in the 1 st Amendment that forbids the government from proclaiming an official religion within the United States.
67.
Separation of Church and State— Famous phrase from a letter by Thomas Jefferson that discusses his belief in the role between the government and religion.
68.
Libel— Legal term for the false and damaging printing of a statement about a person.
69.
Probable Cause— Idea that the government must have some reason to believe a citizen has done something wrong in order to obtain permission to search their person or belongings.
70.
Term Limitations— Idea that legislators should only be allowed a maximum number of years in office in order to encourage more involvement in government.
71.
Apportionment— Term that refers to the number of representatives assigned to a state based upon its population.
72.
Gerrymandering— Drawing a district’s boundaries in an odd shaped manner in order to benefit one political party over another.
73.
Constituents— Term defining the people who live within a legislators district.
74.
Franking Privilege— Right of a Congressmen to send job-related mail without postage.
75.
Censure— Formal vote of disapproval of a legislator’s conduct.
76.
Power of the Purse— Power of the House of Representatives whereby all revenue producing bills must be introduced in the House of Representatives.
77.
Appropriations— Term describing the acquiring of revenue for the government.
78.
Majority Leader— Leader of the political party with the most members within the legislature.
79.
Minority Leader— Leader of the political party who does not have the majority seats within a legislature.
80.
Party Whip— Member of each political party who is responsible for preliminary voting intentions and trying to influence party members to vote as a group on important issues.

81.
Speaker of the House— Leader of the House of Representatives and usually the majority leader of the House who has great power in setting the agenda for the House of Representatives.
82.
President Pro-Tempore— mostly symbolic position given to the longest serving Senator from the majority party.
83.
Standing Committees— Permanent committees of Congress who study, revise, and pass legislation.
84.
Seniority— Term that refers to how long a member has been in Congress and is important in assigning committee memberships.
85.
Bill— Proposed law
86.
Pigeonhole— Action taken by a legislative committee that places a bill to the side without a vote of approval or denial.
87.
Public Hearings— Meetings held by legislative committees in order to allow public comments and information to be given to legislative committees.
88.
Filibuster— Right of a Senator to hold the Senate floor for am unlimited amount of time—usually threaten as a form of killing or revising a bill the Senator opposes.
89.
Cloture— Special vote taken by the Senate that would require a Senator to give up the floor during a filibuster---requires a 2/3 vote---very difficult to achieve.
90.
Roll Call Vote— Type of Congressional vote where the name of each legislator is called out and a vote recorded—mostly done electronically today.
91.
Conference Committee—Special committee made up of legislators from the House and Senate who try to work out differences in bill that passed both houses in different forms.
92.
Pocket Veto—Process where the President does not sign a bill and Congress has adjourned and after ten days the bills dies rather than becoming law.
93.
Over-Ride—Ability of Congress to pass a bill after the President has vetoed it---but only if they can pass it again with a 2/3 majority.
94.
Electoral College—Process of electing the President—each state is assigned a number of electors equal to its representation in Congress and a majority of electoral votes is required to be elected otherwise the House chooses the President.
95.
Bureaucracy—Term referring to the large number of people who work for the government.
96.
Executive Orders—Term for orders given by the President in order to carry out his duties as Chief Executive—the orders have the same force as law.
97.
State of the Union—Speech given by the President each year to describes the situation of the nation and the speech is required by the Constitution
98.
Patronage—System of giving government jobs to one’s friends and supporters—Sometimes this system was abused and unqualified people were appointed.
99.
Endorsements—Process where famous or influential people give their support to someone who is seeking office.
100.
Immunity—Legal term for being free from prosecution.
101.
Pardons—Legal term for someone being forgiven for a crime that was committed.
102.
Reprieves—Legal term for delaying the punishment given to someone.
103.
Amnesty—Legal term for giving a pardon to a large group of people.
104.
Administration—Term for the people who work closely with the President and his staff.
105.
Chief of Staff—Person who works closest to the President and serves as the main advisor to the President.
106.
Press Secretary-Person who works closely with the media on behalf of the President.
107.
OMB—Part of the White House Office that helps the President design a budget for the United States.
108.
NSC—Group of people who advise the President on matters of National Security.
109.
Secretaries—Group of people who lead the different departments of the executive branch.
110.
State Department—Executive department that deals with foreign policy.
111.
Embassies—Offices that represent the US government in foreign nations.
112.
Passports—Official identification for US citizens who want to travel to foreign nations.
113.
IRS—Government Agency who is responsible for collecting taxes.
114.
Joint Chiefs—Group made up of the highest ranking officers in each of the military branches who advise the President on military matters.
115.
Attorney General—Leader of the Justice department who is responsible for enforcing the nation’s laws.
116.
FBI—Agency within the national government who is responsible for enforcing the nation’s laws.
117.
USDA—Department of the US government that works to insure the safety of the nation’s food supply.
118.
OSHA—Agency within the national government that insures the safety of workers.
119.
Medicaid / Medicare—Part of the HUD department that tries to provide basic medical services to the elderly and the poor.
120.
CDC—Agency within the government that researches diseases and treatments.
121.
FDA—Agency that makes sure that the foods and medicines that are available to the public are safe for consumption.
122.
HUD—Department that tries to improve the conditions of urban areas and provide low income housing.
123.
FAA—Agency that investigates aviation accidents and regulates air traffic.

124.
VA—Agency that provides services to the nation’s veterans.
125.
Homeland Security—Newest department that works to keep the nation safe from terrorist activities.
126.
Customs—Government agency that inspects visitors and goods that come into the US
127.
FEMA-Agency that works to help citizens after a natural disaster has occurred.
128.
INS-Agency that is responsible for controlling the process of naturalization and the visas for foreigners visiting the nation.
129.
Social Security—Independent agency that oversees the pension program for the elderly and the disabled.
130.
CIA—Executive agency that works to collect information about foreign nations.
131.
Regulatory Commissions—Parts of the executive branch whose job is to control certain industries or parts of the economy.
132.
EPA—Agency that tries to protect the environment.
133.
Federal Reserve—Agency that controls the nation’s banking system.
134.
FCC—Agency that controls the activities of the media
135.
Red Tape—Term that refers to the sometimes unnecessary paperwork that is required by the government in order to insure due process.
136.
Civil Service—Term that refers to people who choose to work in an agency or department of the government.
137.
Pendelton Act / Merit System—System of giving government positions to those who are well qualified for those positions by administering job-specific tests.
138.
Jurisdiction—Term meaning the authority to hear and decide an issue.
139.
District Court—Lowest level of federal court---uses a jury to decide guilt or innocence.
140.
Appeals Court—Federal Court that hear cases on first appeal and uses a panel of judges to determine whether the trial was fair.
141.
Uphold—Ruling given by an Appeals or Supreme Court that means the verdict in the original trial was fairly reached.
142.
Overturn—Ruling in an Appeals or Supreme Court case that mean the original verdict is placed aside and the case is thrown out.
143.
Remand—Ruling in an Appeals or Supreme Court case that means the case was unfairly reached and a new trial is ordered in a lower court.
144.
Appellate Jurisdiction—Authority to hear a case after it has been heard in a lower court.
145.
Judicial Review—Power of the Supreme Court to examine a law and determine its constitutionality.
146.
Majority Opinion—Term describing the written decision of the justices on the winning side on a Supreme Court decision.
147.
Concurring Opinion—Term that describes the written opinion of a justice(s) who agrees with the majority but may have slightly different reasons.
148.
Dissenting Opinion—Term that describes the written opinions of a justice(s) who disagreed with the majority in a court decision.
149.
Marbury V. Madison—Famous case that established Judicial Review
150.
Scott v. Sanford—Famous Case that struck down the 1820 Missouri Compromise and declared slavery to be legal across the nation.
151.
Schenck v. U.S.—Case that established the precedent of “clear and present danger” when determining what is free speech.
152.
Brown v. Board of Education—Famous case that declared segregation to be illegal in the public setting.
153.
Gideon v. Wainwright—Case which was used to expand the right to an attorney to all felony cases.
154.
Mapp v. Ohio—Famous case which set exclusionary rules to the use of evidence found in police searches.
155.
Reynolds v. Sims—Case which established the mandate of “one person, one vote” which forced states to have districts of equal population.
156.
Miranda v. Arizona—Case which established the policy of reading a list of certain rights to accused criminals upon their arrest.
157.
Tinker v. Des Moines—Case which tested free speech and established that non-violent, non-disruptive protest is protected speech.
158.
New Jersey v. TLO—Supreme Court case that established the limits of school personnel to search students while at school.
159.
California v. Bakke—Case which challenged affirmative action laws and mandated that quotas can not be used.
160.
Texas v. Johnson—Case which determined that flag burning was protected as free speech.
161.
Political Party—Group of people with similar beliefs about government.
162.
Multi-Party System where more than two parties compete for control and many times a coalition government has to be formed.
163.
Coalitions—Term that describes when two or more parties join together in order to make a majority in a multi-party system.
164.
Conservative— A person who favors less government or a government that is less involved in people’s lives and is less open to reforming ideas.
165.
Liberal—Term that describes people who are in favor of more government involvement and may be more open to reform.
166.
Moderate—A person who is somewhere in-between the major political parties and may have some beliefs which favor one side and other beliefs that favor the other party.
167.
Precinct—Term for a district or area
168.
Party Platform—Term that describes a public document that explains what the party believes.
169.
Party Plank—Term that refers to what the party’s policy is on a single issue.

170.
National Party Convention—Meeting held every four years when Presidential candidates are chosen and the party develops official policy beliefs.
171.
Grassroots Movement—Movement that is begun by common people
172.
Non-Partisan Elections—Elections are do not allow the use of political parties---usually for position that are seen as non-political such as school boards.
173.
Public Opinion—Generic term for what the majority of the public may believe about an issue—can be very misleading as a majority may represent only 51%.
174.
Interest Groups—Group of people with similar beliefs about an issue.
175.
Bias—Term that refers to a person is has already formed an opinion or listens only to one side.
176.
Impartial—Term that refers to a person who has not made a decision and is willing to listen to all sides of an issue.
177.
Lobbying—Act of trying to influence legislators to support a certain issue.
178.
Electorate—All the people who are eligible to vote in an election.
179.
Apathy—Term that refers to the idea that people do not care about political issues.
180.
Nominating—Process of selecting candidates to run for office---usually done by primary elections.
181.
Primary—Special elections that are usually held arounf May that are used to nominate candidates.
182.
Negative Advertising- Process of using advertisements that focus on the faults and shortcomings of your opponent rather than your goals.
183.
PACs—Groups that are formed in order to raise money for candidates running for office---they are limited to a 5,000 donation to an individual candidate.
184.
Campaign Finance Reform—Proposed legislation that would limit the amount of money used by candidates to run for office because of the influence that campaign donors may receive.
185.
Plurality—Term that refers to the way most elections are won---not my majority vote but by getting the most votes.
186.
Initiative—Process where voters in certain states are able to put proposed legislation on the general ballot to be approved or rejected by voters.
187.
Referendum—Process whereby legislators place proposed bills on the general ballot for approval after the legislators have already passed the bill.
188.
Exit poll—A voter may encounter one of these as he leaves the polls so that the media may better predict the winner of elections.
189.
Straight Ticket—Voting only for the same political party all the way through a ballot.
190.
Split Ticket—Voting for candidates from either political party.
191.
Absentee Ballot—Voting that is done before election day because a voter is going to be unable to vote on election day.
192.
Run-Off—Special election between two candidates who did not achieve a majority of the vote—usually done in primary elections.
193.
Governor—Head of the state executive branch and leader of state government.
194.
Lieutenant Governor—Elected position that is similar to the Vice President but on the state level.
195.
General Assembly—Name for the North Carolina Legislature
196.
Leandro Case—Recent North Carolina case about funding issues in local school districts.
197.
Charter—Local version of a Constitution—It is given to local governments by the State.
198.
County Commissioners—Group of people who govern the affairs of county government.
199.
Manager—Hired official who runs the day-to-day operations of county or city government.
200.
Sheriff—Local law enforcement officer for a county.
201.
Coroner—Local medical official who establishes the cause of death and conducts autopsies.
202.
Clerk—Local official who is responsible for the upkeep of all county records such as birth certificates and land deeds.
203.
DA—Local official who is in charge of prosecuting criminal cases on the local level.
204.
Ordinances—Term for local laws—also referred to as blue laws in some areas
205.
Incorporation—Official recognition from the state of a local government’s power.
206.
Annexation-- Term that refers to the addition of more land into a city or town.
207.
Mayor Council—Type of city government with an all elected leadership---Council passes city ordinances while the mayor carries out those laws.
208.
Council Manager—Type of city government with an elected council who makes law and a hired official who carries out those policies.
209.
Zoning Boards—Local group of officials who make determinations about what types of buildings and the uses of buildings that are allowed in certain areas.
210.
Property Taxes—Most important local tax source---based on a person’s belongings and is a very stable form of taxes.
211.
User Fees—Type of charge that someone who actually uses a service is charged----water fees for example
212.
Civil Law—Laws that are based on agreements and conflicts between individuals.
213.
Habeas Corpus—Right of Americans to be released if they are not formally charged with a crime after being detained by police.
214.
Bills of Attainder—Type of law that would punish a person without a trial----these types of laws are illegal according to the constitution.

215.
Ex Post Facto Laws—Type of law that might try to punish someone for an act in past that is now considered illegal---these laws are also illegal under our
Constitution.
216.
Negligence—Term explaining the idea that an accident was caused by the careless actions of another person.
217.
Injunction—Court order to stop an action.
218.
Penal Code—Legal term for the laws (statutes) passed by our government.
219.
Larceny—Legal term for taking the property of another person.
220.
Fraud—Legal term for taking someone’s property or money through false statements or trickery.
221.
Embezzlement—Legal term for how a person steals from their employer.
222.
Rehabilitation—Idea that punishments are used in order to help someone be a better citizen.
223.
Mandatory Sentencing—Laws that require that judges impose certain sentences in certain situations.
224.
Preliminary Hearing—Initial court appearance when a person is told the initial charges and their bail is set.
225.
Indictment—Formal process of a grand jury finding that enough evidence exists to take a defendant to court.
226.
Arraignment—Court hearing when a defendant issues their plea of guilty or not-guilty.
227.
Plea Bargaining—Process where a defendant agrees to plead guilty in order to receive a lighter punishment.
228.
Prosecution—Legal term for the people who represent the government in a criminal case.
229.
Cross Examination—Term that refers to the questioning of a witness by the attorney on the opposing side with the intent of discrediting that witnesses testimony.
230.
Juveniles—People who are not yet of age to be considered an adult.
231.
Scarcity—Idea that there is not enough of a product for everyone to have and this fact causes goods to have a price that determines who is willing to pay for that product.
232.
Price—Value assigned to a product according to the forces of supply and demand for that product.
233.
Law of Supply—Economic idea that suppliers will supply more of a product as the price for that product increases.
234.
Law of Demand—Economic idea that buyers will demand more of a product as price decreases.
235.
Market Price—Point where the supply curve and the demand curve intersect, creating the value of a product.
236.
Shortages—Situation when demand is greater than the supply of a product---price will usually increase.
237.
Surplus—Situation when supply is greater than demand---price will usually decrease.
238.
Diminishing Utility—Idea that a person’s demand for a product will reach a maximum no matter the price.
239.
Diminishing Return—Idea that a supplier will reach a point when increased production will not increase profits.
240.
Productivity—Economic term for the amount of work produced in a given amount of time.—Increased productivity causes prices to decrease and fights inflation.
241.
Comparative Advantage—Term describing the situation when one nation produces a product better or cheaper than other nations.
242.
Division of Labor—Idea of dividing labor into individual tasks in order to increase productivity.
243.
Economies of Scale—Economic idea that a larger business can operate at a more efficient rate because of its bulk. Same concept applies when buying items in large quantities.
244.
Opportunity Cost—Economic idea that a person loses the chance to do something when you make a choice.
245.
Trade Off—Economic idea that you deliberately make a decision and do so knowing the other options would be lost.
246.
Factors of Production—Land, Labor, Resources, Management
247.
Capital—Money used to start or run a business.
248.
Capital Goods—Machines or tools that are used to produce other goods.
249.
Traditional Economy—Primitive economy where almost everything is made by hand.
250.
Command Economy—Economic situation where the government is in control of the factors of production.
251.
Market Economy—Economic situation where individuals make most of the choices.
252.
Mixed Economy—Economic situation where individuals and government share the power over economic decisions with individuals owning smaller businesses and government owning the largest.
253.
Laissez Faire Economics—economic system where the government takes a hands-off policy as proposed by Adam Smith
254.
Capitalism—Another name for the market economy where individuals risk their capital for a chance to gain a profit.
255.
Sole Proprietorship—business that is owned by one individual—most common form of business in the United States.

256.
Partnership—Business that is owned by two or more people who are trying to pool their resources.
257.
Corporation—Business that is owned by a great number of stockholders who share in the profits of the business yet risk only what they have invested.
258.
Stock/Share—Piece of ownership in a corporation.
259.
Dividend—Piece of the profits from a corporation.
260.
Limited Liability—Economic idea that a person only risks the amount they have invested within a corporation.
261.
Business Cycle—Ups and downs of the economy
262.
GDP—Value of all the goods and services produced in the nation each year—used as a measure of economic growth.
263.
Inflation—General rise in the value of goods and services—rise in inflation caused value of money to decrease.
264.
CPI—Survey of many goods and services that are compared to the same goods and services over time to measure the increase or decrease in prices.
265.
Fiscal Policy—How the government taxes and spends its revenue
266.
Monetary policy—How the government regulates the amount of money in circulation.
267.
Tight Money policy—Policy of allowing less money to be created within the economy---usually through higher interest rates.
268.
Easy Money Policy—policy of allowing more money to be created within the economy—usually through lower interest rates.
269.
Monopoly—Business that controls most or all the supply of a particular good or service.
270.
Merger—Two or more businesses becoming one larger business.
271.
Trust—Two or more businesses that act as if they are one business and do not compete against one another.
272.
Deregulation—Relaxation of rules governing a type of business.
273.
Labor Unions—Group of workers who join together in order to gain better conditions.
274.
Collective Bargaining—Process where workers join together and make demands as a larger group in order to gain leverage with their employers.
275.
Blacklist—Owner tactic where they fire troublesome workers and try to keep them from future employment.
276.
Right to Work Laws—Laws in many states which allow workers to choose whether to join the union or not—usually have weakened the power of unions.
277.
Mediation—Process where two groups within a dispute try to use a third party to give a suggested solution to their problem.
278.
Arbitration—Process where two groups within a dispute go to a third party who is given legal binding authority to decide the issue.
279.
Progressive Tax—Tax that is based on the ability of a person to pay and people who make more money should pay a greater percentage.
280.
Regressive Tax—Tax that is paid on an equal percentage by everyone---can be unfair to those with less of a disposable income.
281.
Income Tax—Tax that is based on the money one earns and this tax is usually progressive.
282.
Excise Tax—Tax that is placed upon certain items such as gas, alcohol, and cigarettes.
283.
Tariffs—Tax rate that is placed upon certain items as they are imported into the nation.
284.
Revenue—Economic term for the money that is received.
285.
Expenditures—Economic term for the money that is spent.
286.
Deficits—Term describing the process of spending more money than is brought in as revenue.
287.
Balanced Budget—Idea that a budget should never spend more money than its has received.
288.
Interest—Price paid to borrow someone’s money.
289.
Collateral—Item of value that is promised in order to borrow a large sum of money.
290.
Stock Market—Place where shares of corporations or mutual funds are sold on the open market.
291.
Mutual fund—Economic fund that combines the money of many investors and is operated by a professional fund manager who makes the investment decisions.
292.
Bonds—These are certificates issued to investors who loan their money to businesses or governments and are repaid with interest.
293.
Exports—Items which are traded out of the nation.
294.
Imports—Items which are traded into a nation.
295.
Balance of Trade—Economic term describing the relationship between a nation’s imports and its exports.
296.
Trade Deficit- Situation when a nation is importing more goods than it is exporting---this cause more money to leave the nation than enter the nation.
297.
NAFTA—Free trade agreement made between the US, Canada, and Mexico.
298.
European Union—Group of European nations that have joined together in a free trade union.
299.
UN—World Council that seeks to alleviate world problems.
300.
Security Council—Part of the United Nations which oversees the security of the world.