The Classic Dictionary of Civics and Economics

Created by: Kristen

Goal 6

• Accessible public officials

• Family law• Franking privilege• Ideological belief• Professional group• Independent

agencies

• Justinian codes• Regulatory

commissions• Recidivism• Restitution• Retribution• Special task forces

Purpose, Development, and Implementation of Laws

Accessible public officials-

Inform the public by making themselves accessible to the press and the people

Family law-

Divorce, adoption, child custody, etc cases

Adoption Center

Franking privilege-

Sending 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 belief-

Instead of promoting economic concerns, they promote a moral cause

Don’t lie and don’t

steal!

Independent agencies-

Agencies that are created by the legislative body of the national or state governments

Federal governmentNational government

Justinian codes-

Centuries of Roman law packed together. They were used to establish a strong emperor. They eventually influenced Christianity

Recidivism-

When criminal behaviors are repeated by the same person or repeat offenders

Regulatory commissions-

They oversee certain things, are created by the government

Governor

Restitution-

When a criminal has to give back the property or money they stole

Retribution-

the act of punishing a criminal

Professional groups-

Lobbyists 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

• Business organization• Consumer

sovereignty • Capital Investment• Wealth of Nations• Economic exchange

• Fiscal policy• Immediate

gratification• Keynesian Theory• Marginal cost• Producer Price Index

Making Economic Decisions

Business organization-

The way businesses sell their goods/products

Lemonade $.50

Bob’s Lemonade!!!

Capital Investment-

Human capital and capital goods investment

$ 5$ 5 $ 5$ 5

For Human Capital and capital goods

Consumer sovereignty-

Decision of producers of what products that should be produced, it is based on the product’s demand

Bell

Economic exchange-

Trading one item for another

$ 1

Fiscal policy-

The strategy of the government in order to influence aggregate demand to use the changes in taxation and in public spending

$ 1

Blah, blah, bleh

And that is how we’re doing to influence aggregate demand

Well if we do this then…

Immediate gratification-

The fulfillment of the product occurs right away because it is needed

Water

Keynesian Theory-

Supports a strict fiscal policy for the government

Fiscal Policy

NO!

Keynesian Theory

Marginal cost-

The cost of producing one more unit of a product

$ 1

$ 1

$ 1 $ 1

Producer Price Index-

It estimates the cost of goods when producers either buy or sell goods

Index

Oakley’s- $300

Sunscreen- $1.50

Cost or plastic- $2.00 per pound

Index

Wealth of Nations-

Written by Adam Smith, it says that incentives lead the market

Wealth of Nations

By Adam Smith A.K.A “Incentives”

Goal 8

• 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

The US Economy

Barter system-

Trading things that one wants for things one has

Craft unions-

Workers of the same occupation and all skilled

Disposable income-

After 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

$

$ covered!

$ Bank $

Lock-out-

Business owners “lock” their doors so employees can’t work (the owner’s version of a strike)

CLOSED to all employees!

Medium of exchange-

Something that is used for exchange (i.e. money)

$5$1

Reserve requirement-

Required amount of money that banks have keep on hand

$ Bank $

$5$1$5

Taft-Hartley Act-

Weakened unions because it forced the hire of union workers by employers

Employers MUST hire union workers

“Tight money” policy-

When the government raises the reserve requirement which in turn releases less money to the economy and decreasing inflation

Reserve requirement

Reserve requirement

$1$1$1$1

$1$1

InflationInflation

Voluntary exchange-

The consumer gives the producer something else of value in exchange for that producer’s good or service

$5

Lawnmower

Goal 9

• Outsourcing• NIMBY• “Rust Belt”• Bull Market• Bear Market

• Deregulation• Globalization• Comparative

advantage• Favorable balance of

trade• OPEC oil embargo

Factors Influencing the US Economy

Bear Market-

When the economy stalls and prices fall at a steady pace

Bull Market-

When, over a period of time, there is a rise in prices

Comparative advantage-

When 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

Deregulation-

Stop or decrease regulation of a product or service

STOP

Favorable balance of trade-

A country imports less than it exports (i.e. mercantilism)

Beef- $10 Poultry- $5

Corn- $5 Peaches- $7 Chocolate- $12

Globalization-

Businesses 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 operations-

When US treasury bonds are sold or purchased

Bond

SOLD!!!

Outsourcing-

Businesses 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

• 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

Issues and Responsibilities in US Society

Assimilate-

Becoming part of the regular US population

Community spirit-

Having pride in one’s community and thriving to make it better

Earning capacity-

Amount of earnings one is likely to earn in their lifetime

Bob Grinhorn-94 yrs

Graft and political corruption-

Using the position as a political leader to make money

Life long learning-

Being an informed citizen through newspapers, books, magazines, etc

TIME

Opportunity to pursue success-

The freedom to be successful, dream our own goals, and set our own goals

Social choices-

Any choice as how one chooses to live their life as long as it is legal

Socio-economic status-

A social or economic class one is born into or obtained while they live

Hobo

Speaking to issues-

Creating and expressing our own educated opinions about essential issues

Well I think that the health care bill…

Voluntary compliance-

Citizens have to know that obeying laws and standards of the community help order be maintained

CommunityRules:

OBEY!