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Term | Definition |
---|---|
Immigrant | someone who chooses to move to a new country |
Democracy | government that receives power from the people; “rule of the people” |
Republic | people hold power but rule through elected representatives |
US Constitution | written by country’s first leaders, foundation for all laws, and framework for government |
Limited government | everyone (including rulers) must obey laws |
Unlimited government | rulers can do what they want and don’t have to obey laws |
Constitutional amendment | change or addition to the Constitution |
Bill of Rights | lists specific freedoms guaranteed to all US citizens |
Executive branch | enforces laws; president and vice president part of branch |
Legislative branch | makes laws; congress part of branch |
Judicial branch | makes sure laws agree with constitution; supreme court part of branch |
Factors of production | ingredients needed for production to occur |
Natural resources | raw materials used to make goods |
Labor resources | workers who make goods from raw materials |
Capital resources | machines, factories, supplies |
Entrepreneurs | people who bring all resources together to make products |
GDP | gross domestic product; tells total value of goods/services a country produces |
Free enterprise or market economy | business owners run business with little government interference |
Consumers | people who use goods and services |
Profit | money left after all bills and expenses are paid |