Iss Mid Term Study Guide

Front 1

4 characteristics of state

Back 1

Population, territory, sovereignty, and government.

Front 2

4 origins of state

Back 2

Force, evolutionary, social contract, divine right.

Front 3

4 social contract philosophers

Back 3

Hobbes & Locke=English
Rosseau & Voltaire= French

Front 4

Social Contract Philosophers works

Back 4

Hobbes- Leviathan
Locke- 2 Treatises of Government
Rosseau- Du Contract Social
Voltaire- Why British Govt is superior pamphlet.

Front 5

6 Purposes of Government

Back 5

Form
Establish
Insure
Provide
Promote
Secure

Front 6

3 Landmark English Documents

Back 6

Magna Carta(1215)
Petition of Rights(1628)
Bill of Rights(1688)

Front 7

Magna Carta

Back 7

1st document to limit power of king.
Trial by Jury introduced
Due process of law intro'd
Life, liberty and property protection.

Front 8

Petition of Rights

Back 8

Could not imprison political critics without trial by jury.
Could not declare martial law, or rule by the military.
People are not required to shelter troops without homeowners consent.

Front 9

Bill of Rights

Back 9

Prohibited Standing army in peacetime, except with consent of Parliament.
Fair and speedy trial.
Freedom from excessive bail and cruel and unusual punishment.

Front 10

Public Policy

Back 10

Laws that people ave to follow that governments pass.

Front 11

Ratification

Back 11

Instructions for approving and validating a law or set of laws.

Front 12

Federalism

Back 12

Bi-Leveled government structure.

Front 13

Charter

Back 13

Agreement between two entities.
i.e. Pilgrims and King.

Front 14

Unitary Government

Back 14

One leveled central government.

Front 15

Virginia Plan

Back 15

Bicameral, benefits big states because of house population.

Front 16

New Jersey Plan

Back 16

Unicameral- Smaller States

Front 17

Connecticut Compromise

Back 17

Bicameral, population representation (equal representation).

Front 18

Economics

Back 18

Applied choices in a set resource based dynamic.

Front 19

Economic Thinking

Back 19

The logical use of available resources.

Front 20

Scarcity

Back 20

Limited, rare.

Front 21

Resource

Back 21

Items that may be consumed.

Front 22

Opportunity cost.

Back 22

What you give up.

Front 23

Deficit

Back 23

More demand than supply.

Front 24

Benefit

Back 24

What is gained.

Front 25

3 Basic Economic Questions.

Back 25

What to produce- Demand
How to produce- Availability of Resources.
Who to produce- Demographic of people.

Front 26

Demand

Back 26

Quantity of goods and services that customers are willing and able to produce.

Front 27

Law of Demand

Back 27

If price decreases, demand increases.

Front 28

Economic Theorem.

Back 28

If needs/wants are unlimited and resources are limited then wise allocation of resource is not only logical, but necessary for success.

Front 29

Equilibrium

Back 29

Point of compromise between producer and consumer, consumers are satisfied and producer is making a good enough profit to sell.

Front 30

Economics By Scale.

Back 30

Bulk price is up, but per unit price is down.

Front 31

Levels of Industry

Back 31

Raw Material extraction
Manufacturing
Distribution
Retail

Front 32

Horizontal Monopoly

Back 32

Control only one of the levels on industry.

Front 33

Vertical Monopoly

Back 33

Owns two or more of the levels of Industry.

Front 34

Capitalism

Back 34

Economic system based on seeking profit.

Front 35

Elasticity of Demand

Back 35

Range of fluctuation in demand in response to price.

Front 36

Substitute Product

Back 36

Alternative for an elastic product.

Front 37

Complimentary Products

Back 37

Products that generally go along with another product.

Front 38

Personal Budget

Back 38

Constrictions (income)

Front 39

Economic Time Period

Back 39

Seasonal attitude towards buying/selling.

Front 40

4 Factors of Production

Back 40

Land
Labor
Capital
Entrepreneurship

Front 41

Land-

Back 41

Place to work

Front 42

Labor-

Back 42

How work gets done.

Front 43

Capital

Back 43

Money or things worth money.

Front 44

Entrepreneurship

Back 44

Management (ownership). Supervise and initiate.

Front 45

GDP (Gross Domestic Product)

Back 45

The total value of final(finished) products produced in one year.

Front 46

Nominal GDP

Back 46

Literal count GDP.

Front 47

Real GDP

Back 47

Deflated more realistic results since the previous year inflation's rate has been factored in.

Front 48

GDP Per Capita

Back 48

Measures the standard of living for avg citizens mostly in the developed world.

Front 49

Poverty

Back 49

When income does not meet household needs.

Front 50

Disparity

Back 50

The gap between two levels of society.

(Rich poor surplus deficit)

Front 51

Personal Consumption GDP

Back 51

Citizen consumption.

Front 52

Lousiness Investment GDP

Back 52

Money invested in business.

Front 53

Growth Spending

Back 53

Money used to improve business, (expanding, buying property retraining)

Front 54

Import Surplus

Back 54

Goods for other countries surplus of imports.

Front 55

Government Expenditures

Back 55

Government spending.

Front 56

Diminished Marginal Utility

Back 56

The principle units of a product that are consumed during a given time period.

Front 57

Marginal Utility.

Back 57

The additional satisfaction, or amount of utility, gained from each extra unit of consumption.

Front 58

Structural Unemployment.

Back 58

Unemployment that occurs because skills do match the employers needs or geographically separated from job offerings.

Front 59

Cyclical Unemployment.

Back 59

(lay offs)

Front 60

Frictional Unemployment

Back 60

Unemployment caused by lack of work, not meeting qualifications.

Front 61

Seasonal Unemployment

Back 61

Unemployment because of the season.

Front 62

Budget

Back 62

Plan for spending