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TExES History

Government and Citizenship Part 2

TermDefinition
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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