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TExES History
Government and Citizenship Part 2
| Term | Definition |
|---|---|
| amend | to change the wording or meaning of a bill |
| alien | a resident of another country who has not yet become a citizen of the country they now live in |
| Articles of Confederation | 1781 later replaced by the Constitution because it was too weak; no central government; each state could make their decisions |
| constituent | a person represented by an elected official; example: us represented by Ted Cruz (Senator) |
| Constitution | "law of the land" ; establishes basic principles of a government |
| delegate | person who represents others |
| federalism | a stronger national government; power is divided between national government and state government |
| immigrant | a person who moves from one country to another to live permanently and become a citizen of their new country |
| national | a citizen of a country; born in that country |
| ratification | change or amendment to the Constitution |
| veto | cancel or postpone a decision or bill; the President may veto a bill that has been passed by Congress |
| goods | things produced, bought, sold and traded |
| wants | desires of people |
| needs | basic-food, shelter, water |
| consumer goods | things that intended for final use |
| capital goods | things made to create other goods; to make money from something else; (machinery, trucks are used to do work that makes money) |
| durable goods | things that last at least 3 years |
| non-durable goods | things that last less than 3 years |
| services | work that is performed for someone |
| capital | money made from work |
| consumers | people who use goods and services |
| credit | the ability to obtain money, goods, or services in the present with promise to pay them in the future |
| demand | the quantity of a good or service that a consumer is willing to buy at a specific price |
| economics | the study of the production and distribution of goods and services |
| factors of production/resources | Capital, Entrepreneurship; Land; Labor |
| inflation | an increase in price |
| monopoly | one or a few sellers control the service or commodity |
| opportunity cost | the cost of an economic decision |
| productivity | the ability to produce a good or service |
| profit | Selling price-cost of the product/service=profit |
| stock markets | stocks are purchased to make money from a company's success; shareholders |
| 3 basic economic questions | What to produce? How to produce it? For whom to produce it? |
| value | the worth of a good or service |
| wealth | the total/sum of the product/service |
Created by:
cebarr
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