Transcript The Classic Dictionary of Civics and Economics

The Classic Dictionary of
Civics and Economics
Created by: Kristen
Goal 6
Purpose, Development, and
Implementation of Laws
• Accessible public
officials
• Family law
• Franking privilege
• Ideological belief
• Professional group
• Independent
agencies
• Justinian codes
• Regulatory
commissions
• Recidivism
• Restitution
• Retribution
• Special task forces
Accessible public officialsInform the public by making themselves
accessible to the press and the people
Family lawDivorce, adoption, child custody, etc
cases
Adoption
Center
Franking privilegeSending mail that deals with
responding to letters from constituents or
send out newsletters for free
From: Government Official
8090 Government Lane
Washington D.C. 17694
To: Constituent
2131 Free Dr.
Nowhere, CL 39023
No
Postage
Ideological beliefInstead of promoting economic
concerns, they promote a moral cause
Don’t lie
and don’t
steal!
Independent agenciesAgencies that are created by the
legislative body of the national or state
governments
Federal government
National government
Justinian codesCenturies of Roman law packed
together. They were used to establish a
strong emperor. They eventually
influenced Christianity
RecidivismWhen criminal behaviors are repeated
by the same person or repeat offenders
Regulatory commissionsThey oversee certain things, are
created by the government
Governor
RestitutionWhen a criminal has to give back the
property or money they stole
Retributionthe act of punishing a criminal
Professional groupsLobbyists for jobs that require special
training
Doctors need more pay!
Save health care today!
Special task forces
Groups that are created temporarily by
the government to investigate a specific
area
POLICE LINE DO NOT CROSS POLICE LINE DO NOT CROSS POLIC LINE DO NOT CROSS POLICE LINE DO NO
Goal 7
Making Economic Decisions
• Business organization
• Consumer
sovereignty
• Capital Investment
• Wealth of Nations
• Economic exchange
• Fiscal policy
• Immediate
gratification
• Keynesian Theory
• Marginal cost
• Producer Price Index
Business organizationThe way businesses sell their
goods/products
Lemonade $.50
Bob’s Lemonade!!!
Capital InvestmentHuman capital and capital goods
investment
For Human Capital
and capital goods
$ $5 5$ $5 5
Consumer sovereigntyDecision of producers of what products
that should be produced, it is based on the
product’s demand
Bell
Economic exchangeTrading one item for another
Fiscal policyThe strategy of the government in order to
influence aggregate demand to use the changes
in taxation and in public spending
$ 1$ 1
Well if we do
this then…
Blah,
blah, bleh
And that is how
we’re doing to
influence
aggregate
demand
Immediate gratificationThe fulfillment of the product occurs
right away because it is needed
Water
Keynesian TheorySupports a strict fiscal policy for the
government
NO!
Fiscal
Policy
Keynesian Theory
Marginal costThe cost of producing one more unit of
a product
$1
$1
Producer Price IndexIt estimates the cost of goods when
producers either buy or sell goods
Index
Index
Oakley’s$300
Cost or
plastic$2.00 per
pound
Sunscreen$1.50
Wealth of NationsWritten by Adam Smith, it says that
incentives lead the market
Wealth of
Nations
By Adam
Smith A.K.A
“Incentives”
Goal 8
The US Economy
•
•
•
•
•
Taft-Hartley Act
Lock-out
Disposable income
Craft unions
“Tight money” policy
•
•
•
•
Barter system
Medium of exchange
Reserve requirement
Federal Deposit
Insurance
Commission (FDIC)
• Voluntary exchange
Barter systemTrading things that one wants for things
one has
Craft unionsWorkers of the same occupation and all
skilled
Disposable incomeAfter paying taxes, it’s the leftover
income that a household has
Left over
income
Federal Deposit Insurance Commission
(FDIC)Created to make sure banks, loan
offices, credit unions, etc can cover their
deposits
$ Bank $
$ covered!
$
Lock-outBusiness owners “lock” their doors so
employees can’t work (the owner’s version
of a strike)
CLOSED to
all employees!
Medium of exchangeSomething that is used for exchange
(i.e. money)
$1
$5
Reserve requirementRequired amount of money that banks
have keep on hand
$ Bank $
$1
$5
$5
Taft-Hartley ActWeakened unions because it forced the
hire of union workers by employers
Employers MUST
hire union workers
“Tight money” policyWhen the government raises the
reserve requirement which in turn releases
less money to the economy and
decreasing inflation
$1$1
$1
$1
$1
$1
Reserve
requirement
Reserve
requirement
Inflation
Inflation
Voluntary exchangeThe consumer gives the producer
something else of value in exchange for
that producer’s good or service
$5
Lawnmower
Goal 9
Factors Influencing the US
Economy
•
•
•
•
•
Outsourcing
NIMBY
“Rust Belt”
Bull Market
Bear Market
• Deregulation
• Globalization
• Comparative
advantage
• Favorable balance of
trade
• OPEC oil embargo
Bear MarketWhen the economy stalls and prices
fall at a steady pace
Bull MarketWhen, over a period of time, there is a
rise in prices
Comparative advantageWhen a country can do a better job of
producing goods than another, but obtains
that product from another country to focus
on producing goods that they’re better at
DeregulationStop or decrease regulation of a
product or service
STOP
Favorable balance of tradeA country imports less than it exports
(i.e. mercantilism)
Corn- $5
Peaches- $7
Beef- $10
Chocolate- $12
Poultry- $5
GlobalizationBusinesses that have world-wide
connections
NIMBY“Not In My Backyard” was chanted to
oppose businesses who wanted to build
near residential neighborhoods
Not In My
Backyard!
Not In My
Backyard!
Not In My
Backyard!
Open market operationsWhen US treasury bonds are sold or
purchased
SOLD!!!
Bond
OutsourcingBusinesses that would have usually
done certain tasks for themselves paying
other firms to do those tasks
“Rust Belt”States in the northern Midwest
Michigan, Indiana,
Ohio, Pennsylvania
Goal 10
Issues and Responsibilities in
US Society
• Life long learning
• Socio-economic
status
• Earning capacity
• Assimilate
• Speaking to issues
• Voluntary compliance
• Graft and political
corruption
• Social choices
• Opportunity to pursue
• Community spirit
AssimilateBecoming part of the regular US
population
Community spiritHaving pride in one’s community and
thriving to make it better
Earning capacityAmount of earnings one is likely to earn
in their lifetime
Bob Grinhorn-94 yrs
Graft and political corruptionUsing the position as a political leader
to make money
Life long learningBeing an informed citizen through
newspapers, books, magazines, etc
TIME
Opportunity to pursue successThe freedom to be successful, dream
our own goals, and set our own goals
Social choicesAny choice as how one chooses to live
their life as long as it is legal
Socio-economic statusA social or economic class one is born
into or obtained while they live
Hobo
Speaking to issuesCreating and expressing our own
educated opinions about essential issues
Well I
think that
the health
care bill…
Voluntary complianceCitizens have to know that obeying
laws and standards of the community help
order be maintained
OBEY!
Community
Rules: