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A loop of economic peaks and troughs.
Romania is in the trough part of the business cycle.

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The part of the business cycle when the economy starts to fall.
Before the great depression America was contracting.

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The part of the business cycle when the economy is at it's highest point.
America is currently at it's peak.

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The point in the business cycle when the economy is getting better.
Economy is rising CPI is rising and Unemployment is decreasing.

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The lowest point on the business cycle.
Economy is low CPI is low and Unemployment is high.

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A general decline in economic activity.
When a country is in recession they are contracting.

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An economy is at it's lowest point.
America was in the great depression in the 1920's/30's.

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A policy adopted to help fix depression.
Used to affect the economy.

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Responsible for setting prices and interest rates.
Central bank of the United States.

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A system that lowers interest rates and increases money supply.
Purchase bonds in an open market.

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A system meant to slow down the increase of an economy.
Decreases the amount of money being spent and inflation.

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Sets the minimum amount of reserves that a bank must hold.
The current reserve is 10%.

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A government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
A government lowers its tax rates to avoid contraction.

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The total amount of money a country owes or borrowed.
The united states hit $22 trillion worth of debt.

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Expenses exceed revenue.
Often used in business but more commonly used to refer to governmental spending in excess of revenues collected.

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More income than expenses.
Individuals, companies and governments can all have budget surpluses.

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When the tax rate increases because the taxable amount allows it.
Tax increases because the economy is improving.

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When the tax rate decreases because the taxable amount says so.
The tax rate decreases because the economy is declining.

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All tax payers pay the same amount despite income.
Sales tax.

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When business start practicing all over the globe instead of in one spot.
Amazon.

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Cost of countries imports exceeds exports.
More coming in than what's going out.

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The value of the countries exports exceeds the value of it's imports.
More going out than what is coming in.

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The ability of one country to carry out an activity better than others.
One country creating less pollution than another.

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One group can pull of an activity better than anyone else.
China, Thailand, and Vietnam, on the other hand, produce and export low-cost manufactured goods.

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The value of a nation's exports in excess of the value of its imports.
If the United States imported $1 trillion in goods and services last year, but exported only $750 billion in goods and services to other countries, then the United States had a negative $250 billion BOT, or a $250 billion trade deficit.

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Imports exceed exports.
When a country is receiving more items than it is giving out it is in unfavorable balance of trades.

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Receiving goods from and outside source.
Some examples would be: human resource management, facilities management, supply chain management, accounting, etc.

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The North American Free Trade Agreement:  It was created to remove tariff barriers, remove investment restrictions, and to protect property rights.
America, Canada and Mexico joined NAFTA in January of 1994.

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Avoiding strict enforcement of parliamentary laws in order to keep the colonies obedient.
Lax enforcement of trade laws.

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The act of enforcing taxes on the colonies without giving them a voice.
England forced the colonies to pay taxes without giving them a voice.

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The original constitution of the U.S.
The Articles of Confederation were weak because they weren't very strongly enforced due to the fear of a repeat of the past.

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A pamphlet written by Thomas Paine.
The pamphlet argued independence of the 12 colonies from Great Britain.

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Rights that all animals and humans are believed to have.
Everyone has natural rights by law.

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An implicit agreement among the members of a society to cooperate for social benefits.
The social contract was created by Rousseau.

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John Locke FRS was an English philosopher and physician.
The father of Liberalism.

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Was a French judge, man of letters, and political philosopher.
He was famous for his theory of separation of powers.

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An Enlightenment thinker.
Created the Social Contract.

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The first ten amendments.
The first ten amendments in the constitution are the bill of rights.

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A collection of 85 different articles written by federalists promoting the rectification of the U.S. constitution.
The Federalist Papers were written by Alexander Hamilton, James Madison, and John Jay.

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Federalists believe in supporting the Constitution and the national republic.
Political party group.

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Anti-Federalists believe in localized small governments and did not support the Constitution.
Political Party.

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A meeting to write a Constitution.
America held a Constitutional Convention to write the Articles of Confederation.

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The Great Compromise was an agreement made between large states and small states regarding how much power states would have under the United States Constitution.
All states decided to be represented equally and not by size.

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Farmers were mad that they were taxed on their produce and on themselves.
Shay's Rebellion made the U.S. realize that they couldn't have standing armies.

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The North and South were arguing of whether slaves should be counted or not.
The 3/5 Compromise solved the argument and stated that slaves would be counted as 3/5 of a person.

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The New Jersey Plan was one option as to how the United States would be governed.
The Plan called for each state to have one vote in Congress instead of the number of votes being based on population.

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The Virginia Plan was a proposal to establish a bicameral legislature in the newly-founded United States.
James Madison wrote the Virginia Plan.

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The House of Burgesses was the elected representative element of the Virginia General Assembly.
The Virginia House of Burgesses became a bicameral institution.

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The people trust the government and the government trust their people.
The tenth amendment is an example of this.

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A fine line between the Judicial, Executive, and Legislative branches to make sure none of them overrule the other.
The three branches use checks and balances to enforce the separation of powers.

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This is a process in which each branch checks the other in order to be sure no one is becoming too powerful.
Checks and balances helps keep the separation of powers.

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Federalism is the mixed or compound mode of government, combining a general government with regional governments in a single political system.
Federalist papers.

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Preventing unjust power to be used based on well-established laws.
Police cannot pull you over for a small crime and tell you, you are going to prison for life.

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The laws that are stated in the Constitution.
Most of the laws are stated in Article 1.

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Powers that aren't expressed but are implied.
Congress passes legislation on national health care based on the power granted to Congress by the Constitution to collect taxes and provide for the common defense and general welfare of the United States.

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Powers that are neither granted nor prohibited from any branch.
Such powers, as well as general power of competence, are given because it is impractical to detail in legislation every act allowed to be carried out by the state.

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Powers that are used by both the federal government and the state.
An example would be taxation.

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Review by the US Supreme Court of the constitutional validity of a legislative act.
Roe Vs. Wade- The Supreme Court ruled that state laws prohibiting abortion were unconstitutional.

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Ending a debate, voting.
An election.

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A really long speech that hinders a legislative event but doesn't really harm anything.
Forcing the entire cloture to go through the process twice by hindering a bill.

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A mix of Congress and the Senate made to discuss disagreements about bills.
Usually convened to resolve bicameral differences on major and controversial legislation.

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A voting member that has the power to appoint or elect.
The constituent body.

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A person who takes part in an organized event in attempt to persuade legislators.
American Civil Liberties Union.

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Leaving a bill unsigned until it is too late to be dealt with.
President or governor refusing to sign due to them not wanting it so pass.

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A group of people that hope to influence public policy based off of common interest.
A group of people gathering to prevent global warming.

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A committee that meets regularly, permanent.
Agriculture, Nutrition and Forestry.

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The power of the president or other officials to get rid of a bill they see as unconstitutional.
The president has leeway in the decisions of the congress.

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The power to hear a case for the first time.
Hearing a case directly before a higher court has the opportunity to.

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Hearing a case before a lower court has the opportunity to.
The United States District court hears a case after the Supreme Court.

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The series of steps a legal dispute goes through in the court system.
A trail starting in the supreme court and working it's way down the system.

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The amount of prisoners who return to prison after being released for committing another crime.
An inmate was in jail for arson and when they got out they stole a car.

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The body that operates and produces government agencies.
The regulation and operation of the Social Security Administration, and the administration of benefits to the people.

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Civil law deals with behavior that constitutes an injury to an individual or other private party, such as a corporation.
Examples are murder, assault, theft,and drunken driving.

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Rights carved out in the state and federal constitutions.
Bill of Rights.

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Body of law that relates to crime.
Deals with behavior that could be seen as harmful to the public or society.

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The power someone has over a specific area.
Cops have jurisdiction over specific counties.

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An earlier event that is important.
Sometimes in court they look to precedent cases to make decisions.

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Statutory Law is the term used to define written laws, usually enacted by a legislative body.
They are typically all written at once and are codified.

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Law that is common knowledge to most people.
You can't kill someone just because you were mad at them.

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A wrongful act.
Assault/battery.