U.S. Government, Economics, and Lawmaking Body Key Concepts

Flashcards covering vocabulary and key concepts related to U.S. Government structure, Presidential duties, and Economics based on the lecture transcript.

Lawmaking body

An essential entity for creating, amending, and repealing laws that govern society, ensuring order, justice, and the protection of rights.

Judicial Branch

Established by Article III of the Constitution.

Federal judges' terms

Lifetime appointments, meaning they hold their positions until they resign, retire, or are removed.

9

The number of justices on the Supreme Court.

Federal judge appointment process

Nominated by the President and confirmed by the Senate.

Judicial review

The Supreme Court's chief weapon in checks and balances, allowing it to invalidate laws and executive actions that are unconstitutional.

District courts

The general trial courts of the federal court system where most federal cases begin.

Appeals courts

Also known as circuit courts, these review decisions made by district courts to determine if legal errors were made.

Presidential eligibility requirements

Must be a natural-born citizen, at least $35$ years old, and a resident of the U.S. for at least $14$ years.

Presidential roles

Commander-in-Chief of the armed forces, Chief Executive enforcing laws, Chief Diplomat managing foreign relations, and Head of State representing the nation.

Most important duty of the president

To ensure that the laws of the United States are faithfully executed.

Shared Presidential and Senate powers

Making treaties and appointing federal officers, including judges.

22nd Amendment

Outlines that the term of the presidency is $4$ years and limits a person to two elected terms.

25th Amendment

Outlines the line of succession to the presidency, which is also established by the Presidential Succession Act.

Electoral College

The group of people who officially elect the president, consisting of electors from each state.

270

The magic number of electoral votes required to win the presidency out of $538$ total electors.

State elector calculation

A number equal to a state's total number of Senators and Representatives in Congress.

Presidential election date

The first Tuesday after the first Monday in November every $4$ years.

Monopoly

A market structure where a single seller or producer controls the entire supply of a product or service, limiting competition.

Sherman Antitrust Act of 1890

A law passed to promote competition and prevent the abuse of market power by monopolistic companies.

Sole proprietorship

A business owned and operated by a single individual with no legal distinction between the owner and the business.

Corporation

A legal entity that is separate from its owners, providing limited liability protection to its shareholders.

Stock

Represents ownership in a corporation and constitutes a claim on part of the corporation's assets and earnings.

Stockholder

An individual or institution that owns shares of stock in a corporation, entitling them to profits and voting rights.

Capital

Financial assets or resources such as money, machinery, and buildings used to produce goods and services.

Board of Directors

Responsible for overseeing the management of a corporation and making key decisions regarding its direction and policies.

Executive officers

Managers who handle the day-to-day operations of a corporation and implement strategies set by the Board of Directors.

Subsidy

Financial assistance provided by the government to support a specific economic sector or activity to promote growth or reduce costs.

Want vs. Need

A want is a desire for a non-essential service or item, while a need is a basic requirement for survival like food, water, or shelter.

Factors of production

Land (natural resources), labor (human effort), capital (tools and machinery), and entrepreneurship.

Business cycle

Fluctuations in economic activity consisting of four phases: expansion, peak, contraction, and trough.

Unions

Organized groups of workers that negotiate with employers for better wages and conditions through collective bargaining.

Collective bargaining

The process by which unions negotiate with employers on behalf of workers regarding employment terms.

National debt

The total amount of money a country's government has borrowed and not yet repaid; the sum of all past budget deficits.

Federal Reserve

The central banking system of the United States responsible for monetary policy and regulating banks.

Internal Revenue Service (IRS)

The U.S. government agency responsible for tax collection and tax law enforcement.

Premium

The amount of money paid periodically to an insurance company to maintain coverage.

Beneficiary

A person or entity designated to receive benefits from an insurance policy or trust upon a specified event.

Credit card

A payment card allowing the cardholder to borrow funds from a pre-approved limit to pay for goods and services.

Charge card

A payment card that requires the balance to be paid in full each month, unlike credit cards which allow carrying a balance.