MCAP Vocab Economics
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Broad social goals that relate to economics and guide government, individuals, and society in making decisions.
Socio Economic Goals
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An economic system in which economic decisions to answer the basic economic questions of "what", "how", and "for whom" are made by an authority such as a feudal lord or government agency.
Command Economy
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A court order that prevents unjust arrests and imprisonment.
Writ of Habeas Corpus
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A body of electors chosen to elect the President and Vice President of the United States.
Electoral College
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One person or a small group has ALL the power in the government. Solely responsible for the decision making of the country.
Dictatorship
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The nation's central bank
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A blend of the different economies. In most cases, a mixed economy reflects some part of market decision making and government participation
Mixed Economy
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The division of governmental power among several institutions that must cooperate in decision-making
Separation of Powers
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The idea that no individual or group may receive special privileges from nor be unjustly discriminated against by the law.
Equal Protection
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Ruled by a king or queen, power in often inherited from generation to generation.
Monarchy
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An economy in which decisions of what, how and for whom are decided in markets through the interaction of buyers and sellers.
Market Economy
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The total dollar value of all final goods and services produced by a country's citizens, businesses and governments, both inside and outside of the country's borders, in a given time period.
Gross Domestic Product
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A form of political organization in which government power is divided between a central government and territorial subdivisions.
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Most commonly thought of as "justice", however _______ developed as a separate body of law in England in reaction to the inability of the common law courts to provide a remedy for every injury.
Equity
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A political system in which the government is by a few, especially by a small faction of persons or families.
Oligarchy
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Interferences with the free exchange of resources, goods and services between and among countries, including tariffs, quotas, standards, licenses, subsides and embargoes.
Trade Barriers
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A measure of the overall price level in the economy
Consumer Price Index
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Constitutional mechanisms that authorize each branch of government to share powers with the other branches and thereby check each other's activities. For example, the president may veto legislation passed by Congress; the Senate must confirm major executive appointments; and the courts may declare acts of Congress unconstitutional.
Checks and Balances
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The principle in which the law applies to government officials as much as to ordinary citizens
Rule of law
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A form of government in which the executive and legislative branches are separate, independent, and co-equal.
Presidential Democracy
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A course of action that seeks to affect the amount of money and credit available in the economy and the cost of the credit (interest rates) in order to help the economy grow, keep prices stable, and keep employment at a high level.
Monetary Policy
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The foregone benefit of the next best alternative when an economic decision is made. If the class chooses to go to the library work on their computer skills instead of having recess, then opportunity cost of the choice is having recess.
Opportunity Cost
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The power of the courts to determine the constitutionality of the actions of the legislative and executive branches of government.
Judicial Review
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Basic principle of American government that states that government is restricted in what it may do and that each individual has rights that government cannot take away.
Limited Government
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A form of government that gives governmental authority to a legislature or parliament which in turn selects the executive from among its own members
Parliamentary Democracy