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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:
