Download Unit 10--US and the World

Survey
yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Document related concepts

Ragnar Nurkse's balanced growth theory wikipedia, lookup

Non-monetary economy wikipedia, lookup

Balance of payments wikipedia, lookup

Economics of fascism wikipedia, lookup

Protectionism wikipedia, lookup

Balance of trade wikipedia, lookup

Economic policy of the Bill Clinton administration wikipedia, lookup

Transcript
1.
2.
3.
4.
What part of the Constitution allows the
Supreme Court to declare a state law
unconstitutional?
Which principle says people have the
right to rule themselves?
Explain the case Leandro v. NC (1997).
Explain the case Swann v. CharlotteMecklenburg Board of Ed (1971).

Proposed by President and passed by
Congress each year

Appropriations bill: bill that sets aside $
to be spent

Surplus—extra $; Deficit—not enough $

Forms of taxation:
› Progressive tax—the more you make, the
more you pay
› Regressive tax—the proportion you pay
decreases as your pay increases
Federal income tax--progressive
 Social Security tax—regressive

› $ goes specifically to Social Security program

Luxury/Excise tax—regressive
› Tax on things we don’t need

Tariff—regressive
› Tax on imported goods

Bond
› Loans taken out by the
government

Largest areas of federal spending:
› Social Security ~22%
› National Defense ~18%
› Income security (“welfare”) ~14%
› Medicare ~14%
› Interest on National Debt ~8%
What happens to demand for vehicles
that get poor gas mileage when gas
prices increase?
 What can the Federal Reserve do to end
a recession?
 Congress has just passed a law increasing
the tax on tobacco products to $1.01 per
item. Which type of law does this
scenario describe?
 What effect does inflation have on
consumers?

Solves problem of scarcity
 Creates jobs
 To reflect comparative advantage

› The ability of a country to produce a good
at a lower cost than another country can

Imports: a good purchased from one
country by another

Exports: a good produced in one
country and sold to another

Free Trade: trading between countries
without restrictions
Tariffs—used to protect domestic
industries
 Quotas—limits on the amount of foreign
goods imported into a country


North American Free Trade Agreement
(NAFTA)
› Made in 1994 between Canada, Mexico,
and US
› Will trade without any restrictions

European Union
› Combines 15 European countries into one
large economy

Balance of trade: difference between
value in imports and exports
› Trade surplus: value of exports exceed
imports
› Trade deficit: value of imports exceed
exports

Exchange rate
Put these events in order: National
Convention, Primary Election, Votes cast
in the Electoral College, General
Election.
 Explain the case Hazelwood v.
Kulhmeier.
 What are the economic results of high
unemployment?
 What happens when the real GDP goes
up?

Definition: Supply and demand
(producers and consumers) control the
market
 Government has little involvement in
economy
 Other names: Free Enterprise system,
Capitalism
 Examples: US

Definition: The government controls the
economy
 Everyone has equal share of the
government’s profits
 Other names: Communism, socialism
 Examples: North Korea, China

Definition: both the government and
supply/demand control the markets
 The government controls some industries,
while supply and demand control others
 Examples: Canada, Britain, France


Definition: The economy is controlled by
traditions, customs, and bartering
› Bartering: a system where individuals trade
their goods/services for other goods/services

Examples: the most poor, rural countries
in the world
Get prepared for your
vocabulary quiz!!!

Draw illustrations for and explain the 4
economic systems.

Keep order

Provide security

Provide services

Guide the community
Key meaning: rule by the people
 2 Types:

› Direct—people rule themselves directly
› Representative—people elect
representatives to rule them

Examples: US, Great Britain, Japan

Key Meaning: a government in which
one leader or small group hold absolute
power
› Dictators
› Totalitarian governments

Examples: Nazi Germany, North Korea

Anarchy: a situation in which there are
no laws and no law enforcement
Notebook Check #10
 Ballot
Box #10 Study Guide
 BB #10 Vocabulary
 International Trade Notes
 May 8 Class Starter