Government Structures -PR
Each branch has the power to limit the power of the other two branches.
What is Checks and Balances?
The ability for one country to trade with another without hindrance so that all goods can be produced with the greatest efficiency.
What is Free Trade?
A tax placed on a specific type of imported or exported goods.
What is A Tariff?
In Economics, the fact that there are not enough resources to fulfill all human needs and desires.
What is Scarcity?
A measure of an area's short-term atmospheric conditions.
What is Weather?
The leader of the minority party in the House of Representatives.
What is the Minority Leader?
Companies will strive for a greater share of the market by producing higher quality and more cheaply priced goods.
What is Competition (Economics)?
An outbreak of the Bubonic Plague. A deadly epidemic that struck Europe in the mid-1300s and killed millions.
What is the Black Plague/ Black Death?
A contribution to federal or state funds is required for individuals or businesses.
What is Tax?
A measure of an area's long-term weather patterns.
What is Climate?
The leader of the majority party in the House of Representatives, selected by the majority party members.
What is the Speaker of the House?
The theory that the economy is not led by an entity, but is the result of individuals acting in their own self-interests.
What is Invisible Hand?
Adam Smith's theory that the government should not interfere in the economy; translates to "let the people do as they choose."
What is the Laissez-Faire?
These are percentages of the profit.
What are Dividends?
A strong, warm current in the Atlantic Ocean which accelerates as it travels up the East Coast of North America and shoots out into the open ocean towards Europe.
What is the Gulf Stream?
An assembly of elected representatives from Virginia that met from 1643 to 1776. Established in 1619.
What is the House of Burgesses?
A market economy with varying levels of government intervention.
What is Mixed Economy?
An unprecedented period of worldwide economic downturn. Began in Oct. 1929 with the United States stock market crash. World War II was integral in pulling many countries out of the depression by increasing factory production.
What is The Great Depression?
A limit to the amount of a good that can be imported or exported.
What is Trade Cap?
An area found in the middle latitudes in land along the western coast of a continent.
What is the Mediterranean?
A key clause of the Constitution. Regulates interstate commerce. This power has been used to justify the expansion of the legislature over nationwide issues, since they could impact interstate commerce.
What is the Commerce Clause?
Free markets can lead to economic inefficiencies and governmental intervention can lead to a stable, productive economy.
What is Keynesian Economics?
An oil derrick in Beaumont, Texas became the most productive derrick in the world in 1901, producing over 100,000 barrels in a day and bringing a boom to Texas' oil and gas industry.
What is Spindletop?
The maximum price that can be charged for a good as determined by a government or other entity responsible for economic regulation.
What is the Price Ceiling?
The areas between the Tropics of Cancer and Capricorn(23.5 degrees N and S) and the Arctic and Antarctic Circles (66.5 degrees N and S.)
What are Temperate Zones?