Economic Systems
Freedom of choice and individual incentive is emphasized
What is Capitalism?
Rule by the people
What is Democracy?
Powers directly stated in the Constitution
What are Enumerated (Expressed) Powers?
This section states why the Constitution was written
What is the Preamble?
President's check on Congress
What is veto?
Government owns the basic means of production, public owns the rest
What is Socialism?
Rule by a small group of people
What is an Oligarchy?
Powers that are left for the state to have
What are Reserved Powers?
Known as the Father of the Constitution
Who is James Madison?
Congress's check on President
What is Impeach or Override veto?
When government keeps competition free and fair
What is a mixed market economy?
Rule is in the hands of a single individual
What is Autocracy?
Grants Congress a set of so-called implied powers—that is, powers not explicitly named in the Constitution
What is the "Necessary and Proper Clause" (sometimes also called the "Elastic Clause")?
Name of the first ten amendments
What is the Bill of Rights?
Supreme Court's check on congress and President
What is declares acts unconstitutional?
When decisions are made at the upper level and handed down to the people
What is a command economy or Communism?
When the ideas of a single leader is glorified
What is a Totalitarian Dictatorship?
Powers that the national government may exercise simply because it it a government
What are Inherent Powers?
The Constitution can be adopted for the future through this
What is a Constitutional Amendment?
Congress' check on Supreme Court
What is Confirm Judges or Impeachment?
An advantage and disadvantage of Capitalism
What are
Advantages: incentives to achieve individual potential and freedom
Disadvantages: extremes of wealth and poverty
?
People govern themselves by voting on issues individually
What is a Direct Democracy?
Acts, treaties and laws of federal government are supreme to the state
What is the Supremacy Clause?
Order of the first three articles
What is
Legislative
Executive
Judicial?
Needed to override a veto by President
What is a 2/3s vote in both houses?