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A cycle of economic expansion and contraction.

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The economy is declining, Inflation is falling, unemployment is rising.

Example: Unemployment rises from 3% to 5%

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Economy is good, inflation high, unemployment low.

Example: Inflation at an all time high.

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Economy is improving, inflation is rising while unemployment is falling.

Example: CPI rises

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Economy is bad, inflation is low/deflation, unemployment is high.

Example: the great depression

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AKA Trough, bad economy, low inflation and high unemployment

Example: Again the great depression, poverty is at an all time high.

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AKA Contraction, Economy is declining, aswell as inflation, unemployment rises.

Example: CPI declines/decreases

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Policies on consumer spending to stabilize the economy.

Example: Interest Rates, Reserve Ratio, and bonds

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The money the bank has reserved for itself/stabilization.

Example: Central banking system

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For high unemployment, Decreasing interest rates and reserve ratio

Example: Peopl have too little money, looser policy

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For high inflation
Increase discount interest rates and reserve ratio.

Example: People have too much money, limit what is given out.

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The minimum number of reserves a bank must have.

Example: Must have a 10% reserve ratio (cannot lend out).

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Policy to ensure economic expansions and contractions aren't too severe.

Example: Expansionary and Contractionary, (taxes, gov spending, welfare payments)

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The total amount a country's government has borrowed.

Ex: 22,839,355,937,168 and counting = US

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Expenses exceed revenue.

Ex: National Security

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Revenue exceeds expenses

Ex: Can use money to lower taxes, more funding

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a tax that takes a larger percetage of income from lower- income groups than higher- income groups

Ex: sales and property

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The higher one's income, the higher the tax.

Ex: Higher for a doctor than a cashier.

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Same tax for all tax payers

Ex: Sales

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Businesses gaining international influence.

Ex: Mcdonalds, Apple

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Cost of imports exceeding cost of exports

Ex: 1 trillion vs 1 billion

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Value of exports exceeds cost of imports.

Ex: 1 billion vs 1 million

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The ability of a group to more efficiently carry out an economic activity.

Ex: Country offers good at a lower cost than another

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A nations ability to provide a product or service more cheap than another.

Ex: India's operating call centers

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When a country exports more than it imports.
Ex: Export value > Import cost

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When a nation imports more than it exports.

Ex: Import cost> Export value

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Obtaining good or resource from an outside/foreign/ international supplier.

Ex: Customer Support

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North American Free Trade agreement,  between, US, Canada, and Mexico to remove tariff barriers between the three countries.

Ex: Stimulating trade and investment between the three countries.

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Britain's policy of relaxing strict enforcement in the American Colonies

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Britain's taxtion of the american colonies though they had no representation in parliament.

Ex: Intolerable Acts

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The original constitution of the united states.

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Written by Thomas Paine, advocated for the colonies freedom from british rule.

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John Locke's Philosophy of right to life, liberty, and property.

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A philosophy during the age of enlightment of the states authority over an individual.

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An enlightenment thinker who argued that we all have natural rights.

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An enlightment thinker who believed in the sepration of powers leading to the 3 branches of government.

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An enlightenment thinker who believed in social contract and popular sovereignty.

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The first 10 ammendments of the constitution to protect individuals.

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85 articles and letters written by Alexander Hamilton, James Madison, and John Jay, arguing the need to ratify the constitution.

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Advocated a strong central governement.

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Opposed the creation of a strong central gov. and the ratification of the constitution.

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Gathering of delegates in 1787 in Philadelphia to create a new constitution.

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An agreement between large and small states for bicameral legislature.

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An uprising in MA against the debt crisis in opposition of taxation. 1786/1787

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A compromise between northern and southern states to count slaves as 3/5th's of a person for representation purposes.

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Each state would have one vote in congress.

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Bicameral Legislature, representation is population based.

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The first legislative and democratic government in America, bicameral.

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The government does not exist with the consent of the people.
ex: bleeding kansas
no taxation w/o representation

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Separate powers for separate branches of government.
Ex: Legislative- Congress, bicameral
Judicial- Supreme court

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The branches of governments power to check what other branches do, whether or not it is constitutional.
Ex: Senate checks the president.

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The belief in a strong central government.
Ex: The constitution

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Laws established to abide by.
Ex: Freedom of press

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Powers named in the constitution.
Ex:Power to tax

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Powers not written in the constitution, but are necessary.
Ex:Collecting taxes for common defense.

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Powers in the constitution that are reserved for a specified political authority.
Ex:Presidential Powers

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A power that can be used by the federal or states government.
Ex:Tax, Build Roads

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Supreme court determines whether legislation is constitutional.
Ex:Amendments

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A vote to end a filibuster,

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A tactic used to delay a vote in senate by talking for a long time.
ex: reading a book, talking extensively for hours

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A joint house committee that provides compromises on bills presented.

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Voters

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People paid by groups to talk to and influence law maker's decisions

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A tactic used by the president putting a bill aside for 10 days and it may become a bill or be dismissed based on if congress is in session.

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Groups who influence lawmakers.

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Permanent committees in congress.

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The presdential power to kill a bill.

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The authority to hear a case for the first time.

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The authority to hear a case on appeals.

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Law that helps settle disputes between people.
Ex: divorce

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Law created by a constitution.

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Laws created by a legislative body against crime.

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Authority over cases.
Ex: appellate

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An action used as a guide for similar actions in the future.
Ex: Kidnapping leading to amber alerts

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Laws created by a legislative body.
Ex: congress

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Laws created by a judge.

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A wrongful act or infrimgement of rights> civil legal liability.