Econ
Impact of per unit tax
Shift the supply curve to the left decreasing supply and increasing the equilibrium price.
Selective Incorporation
Selective incorporation is a constitutional doctrine that protects American citizens from states enacting laws that could infringe upon their rights.
Marginal benefit and marginal utility
Marginal benefit is the highest amount that a buyer is willing to pay for an extra unit of product. It is also known as marginal utility, and it accompanies any extra unit purchased after the first unit
Examples of Checks and Balances
The Executive branch can check the legislative branch by vetoing laws.
The legislative branch can check the executive branch by passing laws over the veto by a 2/3 votes in each house.
The judicial branch can check both the the legislative and executive branch by declaring laws unconstitutional.
Traditional economic system
allocation of scarce resources & other economic activity is a result of ritual, habit, and custom.
Supply and Demand (shifters, and why we have a curve)
a change in supply refers to a shift in the entire supply curve, which is caused by shifters such as taxes, production costs, and technology.
Fed 10 and Brutus 1
Federalist No. 10 — An essay written by James Madison, in which he argues that a strong central government will control the effects of factions.
Equilibrium
Market equilibrium occurs when market supply equals market demand. The equilibrium price of a good or service, therefore, is its price when the supply of it equals the demand for it.
Examples of Congressional oversight
Congressional oversight processes include those related to investigations, impeachment, confirmation of nominees, appropriations, authorization, and budget.
Market economic system
supply, demand, and price system help people make decisions and allocate resources, same as free enterprise economy.
Marginal and Total Utility
Marginal utility measures the change in satisfaction from consuming one additional unit. Total utility, instead, measures the total amount of satisfaction
AOC vs Constitution
the largest difference between America's two governing documents is in that the Articles sovereignty resided in the states, and the Constitution was declared the law of the land when it was ratified
Scarcity
fundamental economic problem facing all societies that result from a combination of scarce resources and peoples unlimited wants.
Expressed/implied/concurrent powers
Expressed powers are explicitly defined in the Constitution, implied powers arise from them, concurrent powers are shared between state and federal authorities
Capitalism
system where private citizens own and use factors of production to generate profits.
Comparative and absolute advantage
Absolute Advantage: The ability of an actor to produce more of a good or service than a competitor.
Comparative Advantage: The ability of an actor to produce a good or service for a lower opportunity cost than a competitor.
Feds vs Anti Feds
The Federalists like the new Constitution. The Antifederalists don't. They think Americans' freedoms are better protected by state governments. Both sides give speeches and publish essays to persuade the states.
Opportunity Costs
cost of next best alternative use of money, time, or resources when one choice is made rather than another.
Gerrymandering
is the political manipulation of electoral district boundaries to advantage a party, group, or socioeconomic class within the constituency.
Perfect competition
large number of well-informed independent buyers and sellers who exchange identical products.
Elastic and inelastic demand (how do you calculate)
Elasticity of demand is calculated by dividing the percentage change in quantity demanded by the percentage change in price. If the quotient is equal to or greater than one, the demand is considered to be elastic.
Bill of Rights
The Bill of Rights is the first 10 Amendments to the Constitution. It spells out Americans' rights in relation to their government. It guarantees civil rights and liberties to the individual—like freedom of speech, press, and religion.
Factors of production
productive resources that make up four categories of land, labor, capital, and entrepreneurship.
Judicial activist vs restraint
Judicial activism and judicial restraint are two key terms in law. Judicial activism means judges use their personal views when making decisions, sometimes seen as overstepping.
Supply curve
graphical representation of quantities produced at each and every possible price in the market.