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value of a nation's exports in excess of the value of its imports

Favorable balance of trade are important when your nation are trading with others

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involves the expansion of international trade, production, and finance, and interdependence among states in these realms

Globalization is a good thing to have in the economy especially in a independent state/ country.

The United Nations

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Lowest point of the business cycle

The US had the worst trough in history

trough occurred in the second quarter of 2009, according to the National Bureau of Economic Research. GDP contracted 0.6 percent. Unemployment rose to 9.5 percent.

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nation's whole economy; there is a decline in industrial output, a lessening of the money supply, goods and services are in lower demand, farm prices fall, and unemployment rises sharply.

There was a certain time in history where the US has hit the worst depression.

The great depression

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A downturn in an economy that follows two or more quarters of negative growth; usually less severe than a depression.

I feel that is the minimum wage increasing and nothing else increases we might end up in a recession

The US in 2006

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Economy begins to recover

Expansions are very good, signifies improvement

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consumers and businesses begin to reduce their spending levels.

I hope i wouldn't experience a contraction in my life, i dont want to reduce spending.

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a cycle or series of cycles of economic expansion and contraction.

I have never heard about the business cycle until I was in Mrs. Neal class

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extended period of high employment, an approved standard of living and stable prices

Prosperity makes people and companies have money to spend and feel confident about the future.

Prob never in the US history

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The actions the Fed takes to control the money supply and the rate of inflation in the economy

There are different types of monetary policy.

decreases in the discount rate

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12 banking districts created by the Federal Reserve Act

The federal reserve are a major key metric in economics

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increases the money supply usually by lowering interest rates.

easy money policy happens when the Fed wants to expand/stimulate the economy

1970s are the common example of a period where money was too easy.

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Monetary policy that reduces the money supply

tight money policy happens when the Fed wants to decrease economic growth

money is tight, interest rates on commercial loans, mortgages, credit cards, etc. go up

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amount of cash that banks must have

I have learned about serve requirement in personal finance class

Bank EAGLE has $400 million in deposit, it must keep 40 million

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federal government trying to keep economy stable by increasing or decreasing taxes or government spending.

I wonder who is in charge and decides what to spend for the fiscal policy?

taxes and expenditures

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all the money that the government of the country has borrowed and still owes.

The US has lots of national debt, just look it up.

Japan 250.00 % of GDP

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when expenses exceed revenue, and it is an indicator of financial health.

fiscal year 2012 is $2.469 trillion while its corresponding expenditures amount to $3.796 trillion.
This gives us a budget deficit of $1.327 trillion

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Amount by which planned expenses exceed actual expenses

If you find yourself in a budget surplus that may be a good time to try and take on a risky venture when you can afford it

US government has run budget surplus only in four years from 1998 to 2001.

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income tax that takes a larger percentage of a larger income and a smaller percentage of a smaller income.

I believe Progressive tax will benefit everyone in an economy

luxury goods

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Tax that takes a larger percentage of a lower-income and a smaller percentage of a higher income

I feel like regressive tax is unfair sometimes

property tax

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Income tax that takes the same percentage of all incomes, whether large or small

I hate proportional tax because it takes away some of my income

sales tax

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countries buy more goods than they sell

I wonder if El salvador have a trade deficit

mexico, Vietnam

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a nation is exporting more than it imports, giving it an inflow of currency

Today in economics class we learned about trade surplus

China is exporting more goods than China imports from other countries.

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the ability of one country to produce a product because of specialization

Japan has a comparative advantage on making electronics

India's call centers. U.S. companies buy this service because it is cheaper than locating the call center in America

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the ability to produce a product more efficiently than another country

El salvador has an absolute advantage to produce the dragon fruit than the US

Florida: oranges

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The practice of contracting with another company to do a specific job that would otherwise be done by a company's own workers

I could outsource if i wanted to make my own line of cosmetics. I would outsource with a packaging company

Amazon with small business owners that sell their products on amazon

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North American Free Trade Agreement. An agreement between mexico, canada and the US the purpose to  take out tariff between them

NAFTA removes tariffs between Mexico, canada, and the US, like a type of peaceful union

Ex, Fruit, goods

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Def: Not caring, no interest
Ex: How I fell about basketball

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Def: ways to influence someone or persuade them to think a certain way
ex: Uncle Sam

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def: Influencing the legislation
ex:ACLU

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Def: influence society
ex: madd

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Def: The candidate running to keep their job
Ex:  obama running for his second presidential election

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def: Hor and Senate of each state's vote
Ex: Republicans at texas

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Def: Winner of primary election is announced and the party platform is created
Ex: voting for president

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Def: places/determines a candidates in a party
Ex: Obama placed in the Democratic party, Hillary placed in Democratic party

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Def: Specific election to vote someone out of office
Ex: Something we should do for Trump

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Def: Voting for candidates from different parties
Ex:  You can vote for a democratic president ut vote a republican governor

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Def:  Voting all candidates on the same party
Ex:  Hillary, Obama, etc on the Democratic party

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Def: Multiple People running for a positions in the Government, determining the winner by Majority
Ex: Italy

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Def: when there are candidates trying to earn the position in government but gets elected by majority of the votes
ex. USA

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Def: A type of government which when the candidate wins its place, they get the power (ALL power)
Ex: Cuba

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Def: a person or party Seeking to do something on ALL issues
Ex: Prolife

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Def: A person or a party stance on one issue
Ex:  Immigration

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Def: Someone who wants less involvement of the government
Ex: Doesn't want the government to  fund planned parenthood

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Def:  someone who wants more involvement of government
ex: More effort in the government to make more restrictions of guns

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def:  a group of people who have some beliefs that are similar about government and trying to win votes for elections
ex. Liberals

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def: when a candidate receive more than half the votes
ex.  13/20 Votes

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Def; when a candidate receives the most votes
ex. Student body president

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Def: variety, plenty of anything, a lot of differences
Ex.  Diversity of people in NY City

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Def: wrongful act of infringement of a right
ex. car accidents

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Def: Laws created through the opinion of judges
Ex. "Separate but equal" Plessy VS Ferguson

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Def: Laws created in the legislative branch
Ex. voting right acts 1965

# data[].attributes.attachment_link.title
Common law Vs Statutory Law & Common law Vs Civil law : Differences

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Differences between Common Law and (Statute) Statutory Law are discussed here. I have also covered the differences between Common law system and Civil (Code) law system in this video. Useful links http://www.usa.gov/Topics/Reference-Shelf/Laws.shtml http://www.legislation.gov.uk Music: Crimson Fly

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def: early event to see why they assume they did that crime
ex. caught doing drugs a year before you get caught selling them

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Def: the official power to make legal decisions and judgments.

Ex: Judge, jury

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Def: To protect people from harming one another felony/misdemeanor
Ex. theft, arson, fraud, police officers

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Def: A law created by the constitution
Ex. voting age, right to bear arms

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Def: settle disputes between people
Ex.  Divorce, adoption, family law, tort

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Def: A law created by a government agency
Ex.  Immigration, BLEEP words, seat belt regulations, ratings, airline safety

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Def:.  rules of procedural law that consists of both hearing and determining cases in criminal proceedings, civil lawsuits or administrative proceedings by constitutional courts.
Ex: Casey Anthony case

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Def: The authority to review a lower court’s decision

Ex. Judge sees evidence

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Court Functions: Original and Appellate Jurisdiction

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Def: The authority to be FIRST court to hear a case

Ex. Arizona VS California case

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Def: When president reject a bill
Ex.  Nixon’s Universal Child Care Veto: 1971

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Def: committees that meet on the regular
Ex. appropriation committee

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def:  group that tries to influence the government to adopt certain policies or measures
Ex: People for the Ethical Treatment of Animals(PETA)

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Def: When president puts a bill aside for 10 days and it does not become a law if congress has adjourned after 10 days if congress is still in session the bill becomes a law
Ex.

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Def: person that influences legislatures
Ex. ACLU

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Def: being a voting member of a community
Ex. registered voter

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Def: only happens in senate, senator tries to prevent a vote by talking as long as possible during debate to delay a vote
Ex. Senator Strom Thurmond once talked against a civil rights bill in the 1950s for 24 hours and 18 minutes, officially the longest filibuster speech in the history of the Senate.

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Def: when a member of HoR and senate compromise on differences in a bill before it goes to the president
Ex. the scope is designated separately for each conference committee appointed by the Arizona Senate and the New York Assembly.

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Def: when 60 senators vote to stop a filibuster
Ex. Senator Ben Nelson of Nebraska was handsomely bribed to vote for cloture on the health-care bill.
commentarymagazine.com

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Def: the power of the court to see if the laws follow the constitution
Ex: 1) Follows the doc of the constitution
2) checks if the laws are constitutional

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Def: 10th amendment, Powers that the states have
Ex: 1) License professionals
2) Regulate Alcohol

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Def: Powers that the state and federal government has
Ex 1) Collect taxes
2) Borrow money

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Def: Powers NOT written in the constitution
Ex 1) lay and collect implies creating the IRS,
2) rise and support armies implies drafting citizens if needed

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Def: Powers written in the constitution
Ex 1)power to lay and collect taxes 2) rise and support armies

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Def: divides power to Federal Gov and State gov
Ex 1) Federal gov, can coin money and provide postal services
2) State gov, can establish schools and elections

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Def: a system of the three branches of gov. check each other
Ex: 1) President can veto a law passed by congress
2)Judicial can find any law unconstitutional

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Separation of Powers and Checks and Balances: Crash Course Government and Politics #3

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Def: Each branch is divided into three branches of gov.
Ex: 1) Legislative are the HoR and senates
2) Executive are the president

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Def: The citizens/people are the source of the gov
Ex: 1) The people have the right to vote to choose who they want elections
2) The people can write letters to congress expressing feelings and disagreements

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Def: A rebellion by farmers caused by the government raising the taxes and taking their farms as a punishment for not paying.
Importance: Made the government realize that the central government is weak

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Def: Small VS large states, large states wanted a proportional representatives in each state  VS small states wanted equal representatives in each state, Result, went by large states plan, proportional, and each state has 2 senators.
Importance: its part of the constitutional compromise

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Def: Two compromises to settle two disputes, 3/5 compromise, and great/Connecticut compromise and brought both sides to satisfaction on both sides.
Importance: small, large, North and south states had came to a compromise.

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Def: WEAK power to central gov, STRONG power to state govs, NOT agreed with constitution
Importance: the rest of the colonists views

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Def: STRONG central gov WEAK state government, constitution was goo
Importance: what some colonists believed in

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Def: Papers federalists wrote to support their views.
Importance: Reasons why federalists believed in the stuff they did

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Def: the 10 amendments
Importance: established rules and rights every citizen

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Def: French, believed in the three branches of government, EXECUTIVE, JUDICIAL, LEGISLATIVE. believed in checks and balances
Importance: one of the enlightenment thinkers, till this day we have the three branches

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Def: One of the enlightenment thinkers,  believed everyone has rights and can give up some freedom so the government can protect natural rights, if people don't like the government they can change it.
Importance: One of his beliefs is the social contract, influenced others in his belief to become more independent.

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def: When people give up some freedoms to the government to have natural rights protected
Importance: One of the belief that one of the Enlightenment thinkers believed in strongly.

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Def: Life, Liberty, and pursuit of happiness, (property) rights that comes in the natural law.
Importance : Part of the declaration of independents

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def: An essay by Thomas Paine. Basically saying its time to break up with England. The colonists  needed more control and power independently.
Importance:  Made to colonists realize something needs to change

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Common Sense (by Thomas Paine) Philosophy Audiobook

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Def: The power to create an army and make treaties with other nations. made weak central government, NO presisdent, No national court system, NO same currency, NO power to congress to tax. good,  Ended war with England, US gained land (west),  ended slavery, accepted states.
Importance: Some rules colonists had made but came with some adjustments later on

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Def:It was unfair for the colonists to have a say about the tax England  made them pay for
Important: One of the reasons why the colonists were getting upset with England

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Def: Government does not enforce laws
Important: Part of the causes of the American revolution.

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Def: acceptance of other people in your surroundings or everything
ex: working as a teacher, accepting every kid