CIVICS AND ECONOMICS



Unit 1 - Principles of Democracy

● What is the difference between a civic duty and a civic responsibility?

○ Civic Duty: Tasks that must be done or abided or one can face legal consequences

○ Civic Responsibility: Task or something that should be done

● Explain the differences between a citizen, alien, refugee and immigrant.

○ Citizen: Native or naturalized member of a country who owes that country’s government their allegiance.

○ Alien: A person from a foreign country who is not a citizen of the host country. They may be there to visit or just stay for a while.

○ Refugee: Someone who has been forced to flee his or her home country. They are unable or unwilling to return home because they fear serious harm.

○ Immigrant: Someone from a foreign country who relocates to live in another country. They may or may not be citizens.

● Identify the ways a person becomes a citizen of a country.

○ Birth: born in the United States

○ Naturalized: taking the test

● What is the difference between a democracy, a dictatorship, monarchy, and a theocracy?

○ Democracy is where decisions in government are put to a vote - people rule

○ Dictatorship: one person controls all aspects of life

○ Monarchy: One head ruler that makes decisions

○ Theocracy: Religious figures/leaders rule

● Explain the difference between a direct and representative democracy.

○ Representative- people elect representatives to make laws

○ Direct - citizens vote themselves for laws

● How did mercantilism lead to the formation of the 13 colonies?

○ Mercantilism - belief that wealth is the measurement of a nation’s power instead of land Export more than import. Britain adopted mercantilism, and wanted more money. They sent explorers out to the new world to collect resources and slaves. The explorers formed settlements called colonies

● How did salutary neglect lead to the formation of the House of Burgesses and Mayflower Compact? Why is this significant?

○ Both represent the first representative democracies - showed the colonists wanted to establish a republic

● How was excessive taxation a violation of salutary neglect?

○ Salutary neglect involves being indifferent to a colony as long as it pays taxes. Overtaxing shows a lot of micromanaging.

● Why did the king begin to restrict the rights of the colonist?

○ To pay for the cost of protecting the colonies during the French and Indian war.

● How did Thomas Paine’s Common Sense influence the signing of the Declaration of Independence?

○ Encouraged colonists to fight for their freedom and independence

● Why was the Declaration of Independence drafted and what are the main ideas of the document?

○ Thomas Jefferson wrote the declaration of independence. It included grievances against England and why the colonists should break free from British control and establish their own nation

● How did the Declaration of Independence reflect philosophies of John Locke?

○ Reflected Locke’s belief of natural rights- life, liberty, pursuit of happiness - government’s job is to protect these rights

● Explain Locke’s belief in natural rights and the idea of social contract.

○ Government’s job is to protect each individual’s natural rights - life, liberty, pursuit of happiness - if the gov’t does not fufill this role, people can overthrow it and get a gov’t that will

● What advantages did England have over the colonist during the war?

○ THey had a very strong military and highly trained soldiers

● Why did the colonists fear a strong central government when writing the Articles of Confederation?

○ They didn’t want to go back to what they had been liberated from.

● What were the weaknesses of the Articles of Confederation?

○ The central government was too weak;The government could declare war, but couldn’t draft an army. It could borrow money, but couldn’t collect taxes.

● How did the US Constitution address the weaknesses of the Articles of Confederation?

○ They chose to create a new government which better balanced the federal and state powers

● What was the purpose of the Constitutional Convention?

○ It was a gathering of officials to determine the structure and function of the new US government

● How did the Great Compromise lead to the ratification of the Constitution?

○ The great compromise got the approval of both federalists and anti-federalists because it pleased both large and small states

● How was legislature organized as a result of the Great Compromise?

○ The Great Compromise made a bicameral house where one determines state representation based on population while the other has equal representation.

● How did the Federalist and Anti-federalist differ in their views on a power?

○ Federalists supported a large federal government whereas the anti-federalists supported strong state governments and a weak federal government.

● Why was the addition of the Bill of Rights important for the ratification of the US Constitution?

○ Without the BoR, the anti-federalists refused to support the Constitution. The federalists didn’t have enough votes to ratify it without their approval.

Unit 2 – Structures of Federalism

● Know the principles of the Constitution and be able to identify examples of each:

○ Popular Sovereignty- The power of the ruler comes from the people

○ Checks and Balances- branches of the government have ways to keep the other branches from getting too much power

○ Separation of Powers- The branches of the government have specific powers given to them

○ Rule of Law (limited government)- Even government officials need to follow the law

○ Federalism- mixed or compound government, combining a general government and regional governments in a single political system; specifically stating which powers belong to the federal and state governments

○ Judicial Review- Judges can interpret things as unconstitutional, making them illegal to do and needing people to be punished for or have the problem fixed - established by Supreme Court case - Marbury v. Madison

● Know the powers given to the federal and state government as a result of federalism (give examples of each-think of examples we used in class)

○ Enumerated Powers- Powers given to the federal government

○ Concurrent Powers- Powers shared between the states and the federal government

○ Reserved Powers- Powers given to the states

● What is the purpose of the supremacy clause of the Constitution? Which article is the Supremacy clause?

○ The supremacy clause exists to make sure that the constitution cannot be made useless by other laws, and can only be fixed, not removed

● Explain how separation of powers is maintained by checks and balances.- The checks and balances makes sure that any one branch cannot have too much power. The judicial branch has judicial review, the legislative branch can veto the president’s laws, and the president can make laws anyway.

Organization of the Constitution

● What is the purpose of the Preamble to the Constitution?- The purpose of the preamble to the constitution is to say why the founders made the government a republic, and to introduce the constitution.

● What are the Bill or Rights and what is the purpose of the amendments?- First ten amendments of the Constitution - protect individuals individual rights

● Know the purpose of the significant clauses of the US Constitution.

○ Supremacy Clause - establishes that the Constitution, federal laws made pursuant to it, and treaties made under its authority, constitute the supreme law of the land. ... Even state constitutions are subordinate to federal law.

○ Free Exercise Clause - Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof...

○ Establishment Clause - Congress cannot establish a federal religion

● How does the US Constitution mirror the constitutions made by the states? Both contain the rights of individuals and separation of powers between the different branches of government

● Background and precedents set by the following court cases:

○ Hazelwood v. Kuhlmeier - Catherine Kuhlmeier was a student at East High School that wanted to post stories in the school newspaper about teen pregnancy and divorce. The Principle of this school would not allow that so, Catherine filed the case because she said the district violated her first amendment. The case was heard by the U.S Supreme Court and ruled in favor of the Hazelwood school district.

○ Mapp v. Ohio - In 1957, police forcibly entered the home of Dollree Mapp and conducted a warrantless search for a bomb suspect. Although no suspect was found the took evidence from the house. Unreasonable search and seizure applies to states.

○ Miranda v. Arizona - arrested individuals must be read their rights

○ Tinker v. Des Moines - right to free speech applies to school (students are allowed to protest the Vietnam War)

○ TLO v. New Jersey - Schools do not need a search warrant to search students belongings

○ Marbury v. Madison - established principle of judicial review

○ Engel v. Vitale - students would recite the pledge and a prayer, violated freedom of religion

○ Escobedo v. Illinois - established that the accused must know that they are allowed to speak to their lawyers

○ Texas v. Johnson - US cannot prohibit freedom of speech in regards to protection of American emblems (the flag)

○ Gideon v. Wainwright- Gideon was charged with breaking and entering with the intent to commit a misdemeanor, which is a felony under the under florida law. Precedent - Right to an attorney

1st Amendment

● What rights are protected by the 1st Amendment?

○ Freedom of speech, press, and religion

● What is censorship and what are some examples of when material can be censored?

○ The suppression or prohibition of anything that is considered obscene, politically unacceptable, or a threat to security. Withholding information

● What is the difference between slander and libel?

○ Slander is spoken, Libel is written.

● 5th, 6th, and 8th Amendments- Rights of the Accused

● Why is it important for an accused person’s rights are protected?- because they may eventually be found not guilty

● What does it mean to have due process of law? - Fair treatment through the judicial system, especially as a citizen’s entitlement

● What is the purpose of indictment by a grand jury?- grand jury decides if the case will go to trial or not based on evidence

● How does eminent domain protect landowners?- government has to pay landowners for their property

● What is double jeopardy and why are accused people protected from it?-

○ A person who is charged for the same crime twice - you cannot be tried for the same crime twice

● What rights are guaranteed to a person before a trial starts, while the trial is going on, and after the trial is over? Right to a fair and speedy trial, right to trial by jury, Right to be presented the evidence against you

4th Amendment

● How did the writs of assistance lead to the passage of the 4th Amendment? Writs of assistance allowed the British to search anyone they wanted without cause - 4th amendment protects from illegal search and seizure

● What is a search warrant and why are they required before the police can search?

○ A legal document authorizing a police officer or other official to enter and search premises. authorize law enforcement officers to search a particular location and size specific items.

● What do police need in order to get a search warrant from a judge?

○ Police must show probable cause that a crime was committed and items connected to the crime are likely to be found at specified place.

● When are 3 situation in which a search warrant is not required?

○ When evidence is clearly visible, If police can see an illegal act happening outside your house

Other Amendments

● Explain how the Quartering Act led to the addition of the 3rd Amendment. - Quartering Act forced colonists to house British soldiers; 3rd amendment prohibits it

● How does the 9th Amendment expand the powers of the citizens? Prohibits Congress from passing laws that restrict citizens’ rights

● How does the 10th Amendments expand the power of the state governments? Specifically states the rights of the federal and state governments (federalism)

● What right is guaranteed in the 7th Amendment? Right to a jury trial

● Federalist Arguments vs. Anti- Federalist Arguments - Federalist (large and strong federal government) vs. Anti Federalist (small federal government, favored state rights over federal gov’t)

● Why did the Anti-Federalist feel a Bill of rights was essential to protecting citizens rights? They thought the Constitution gave the federal government too much power

Unit 3 - Political Parties

● What are political parties? What are the two major political parties in the United States today? What were the first two political parties in the United States? Group of people who have certain political ideas, democrats and republicans, federalist and democratic republican

● What is a two-party system? What are the advantages and disadvantages of a two party system? Have two major parties, two parties to choose from, only two parties

● What are third parties and how did third parties affect elections? Third parties are alternatives to the 2 major ones and take vote from the two dominant parties.

● What is the purpose of a party’s platform? Set of goals and trying to get public support for a candidate

● How is each of the following used in political campaigns?

○ Image molding- focus on the positive side of a candidate

○ Canvassing- going door to door to advertise a party’s candidate

○ Endorsements-An act of giving one’s public approval or support to someone or something

○ Propaganda- advertisements for one political party’s candidate

● What are the different types of propaganda?

■ Glittering Generalities - using very vague and general terms (patriotism, America)

■ Plain Folks - telling “common” people that you understand their problems and can solve them

■ Bandwagon - if one person goes a long with a candidate, others will follow

■ Name Calling - attacking an opponent by calling them names

■ Card Stacking - only addressing a candidate that you support (happens in newspaper and on tv)

■ Testimonial - using a famous person to speak on the behalf of a candidate

● What are the major differences between being liberals (Democrats)l vs. conservative (Republicans?) Liberals are far left (large federal government) and Conservative are more far right (small federal government, more rights given to states)

● List reasons why people do not vote. People don’t feel like their votes count, don’t support any candidates; apathy

● Why is voting important in a democracy? Voting gives a political voice to the people; allows people to choose the representatives they want making decisions for them

● What is gerrymandering? Redistricting an area in favor of a political party

● How does gerrymandering impact elections? Shifts dominance of a political party

● What is the purpose of primary election? To allow each party to determine who would be best fit to represent their party.

● What is the Electoral College? A group of randomly selected people who represent their state in the election

● Why was the Electoral College created? To not allow the common people too much power in picking the president - gives more representation to larger states

● What is the difference between a popular vote and an electoral vote? Popular is the vote of the citizens of the country, electoral is the electoral votes given to each state and determines the winner of the presidential race

● What are some of the criticisms of the Electoral College? Is not an accurate representation of how the country voted; makes people believe their vote doesn’t count if they are in a state that usually goes to the opposing party; a candidate can lose the popular vote and still be elected

● Why are swing states important in a Presidential election? Can determined which president is going to get elected.

Unit 4: Legislative and Executive Branches of Government

● What is the difference between an expressed and implied power? (Give examples)

○ Expressed powers are powers given to Congress that are written down, while implied powers don’t have to be written down. Theyre implied

● What powers are given to Congress in Article I of the Constitution?

○ The power to create laws

● What are implied powers?

○ Powers not explicitly named in the Constitution but assumed to exist due to their being necessary to implement the expressed powers that are named in Article I

● What is the difference in a legislative and non-legislative power? (Give examples of each)

○ Legislative powers deal with creating laws, non-legislative powers deal with anything doesn’t have to do with creating laws

● List 5 things that Congress is NOT allowed to do (Section 9)

○ Pass ex post facto laws, which outlaw acts after they have already been committed. pass bills of attainder, which punish individuals outside of the court system. suspend the writ of habeas corpus, a court order requiring the federal government to charge individuals arrested for crimes.

● Know the qualifications to be members of the Senate and the House of Representatives.

○ Article I, Section 2 of the Constitution sets three qualifications for representatives. Each representative must (1) be at least twenty-five years old, (2) have been a citizen of the United States for the past seven years, and (3) be (at the time of the election) an inhabitant of the state they represent. The Constitution sets three qualifications for service in the US. Senate: age (at least thirty years of age); U.S. citizenship (at least nine years); and residency in the state a senator represents at time of election.

● Know the job of the following people:

○ Speaker of the House- the institutional role of presiding officer and administrative head of the House, the role of leader of the majority party in the House, and the representative role of an elected member of the House.

○ Vice President (President of the Senate)- president of the senate, ceremonial assistant to the president, and part of the president’s administration.

○ President Pro Tempore- presides as president of senate in the absence of the vice president

● What are the term limits for members of Congress?

○ Congressional Terms and Term Limits. Under the Constitution, members of the United States Senate may serve an unlimited number of six-year terms and members of the House of Representatives may serve an unlimited number of two-year terms.

● What checks does the legislative branch have over the executive and judicial?

○ Executive over the judicial branch. The president appoints all federal judges. legislative branch must approve appointments that the president makes; the Senate must approve treaties that the president makes; and the legislative branch may investigate the executive branch

● What are the benefits of membership in the majority party?

○ The majority party in the US House of Representatives has in lawmaking, above, and beyond the numerical advantage that that majority party enjoys in floor voting. The Speaker of the House comes from the majority party and the Speaker is the most important member of Congress.

● Explain the general concept of how a bill becomes a law.

○ If a bill has passed in both the U.S. House of Representatives and the U.S. Senate and has been approved by the President, or if a presidential veto has been overridden, the bill becomes a law and is enforced by the government.

● What is the role of committees in the lawmaking process.

○ A congressional committee is a legislative sub-organization in the United States Congress that handles a specific duty (rather than the general duties of Congress). Committee membership enables members to develop specialized knowledge of the matters under their jurisdiction.

● Understand ways to kill a bill and explain who holds the power.

○ Filibuster- A long speech given to postpone a vote or bill.

○ Veto- When a branch says no to an idea

○ Pigeonhole- To lay something aside for later

○ Pocket Veto- If the president doesn't get to something in time it automatically either becomes a pocket veto or a bill, depending on whether or not congress is in session.

Executive Branch

● What are the qualifications to be President of the United States?

○ Born citizen

○ 35 years old

○ Resident of U.S. for 14 years

● What powers are given to the President in Article II?

○ Chief of state, Chief executive, Chief administrator, Chief diplomat, Commander in chief, Party chief and Chief citizen

● What are the President’s duties in each of the 8 roles of the President?

○ Talk with foreign countries, decides laws, chooses officials and advisors, leader of all armed forces, decides foreign policy, shapes public policy, helps members of his party get elected and represent all citizens

● What is the purpose of the President’s cabinet and how is the cabinet selected?

○ To advise the president on their department, includes vice president and 15 executive departments

● What is an executive order? Why does the President have this power?

○ Where the president can pass a law and it doesn't have to go through Congress;

● Why do many think executive orders give the President too much power?

○ Executive orders are exempt from checks and balances

● What are the 3 functions of the federal bureaucracy? Who heads it?

○ implements the laws and policies made by elected officials

○ provides necessary administrative functions, like conducting examinations, issuing permits and licenses, and collecting fees

○ regulates various government activities

● What checks does the executive have over the legislative and judicial branches? Veto power

State Government

● How is the NC General Assembly alike/different from US Congress? Both the NC General

○ Assembly and US Congress have a bicameral legislature. The NC General assembly has 120 members in house compared to US Congress’ 435. The NC General assembly has 50 members in senate, while US Congress has 100 members in senate.

● How is the NC executive branch alike/different from the US Executive Branch? Both focus on executing laws; state branches focus more on the issues for each individual state rather than the country

● How does the Council of State differ from the Governor’s cabinet?

○ The governor’s cabinet consists of heads of executive departments that are appointed by the governor. The Council of State are 9 executive officials who are elected by voters.

Unit 5 - Judicial Branch of Government and Court Systems

Types of Law

● What are the differences between civil and criminal law? - Civil cases involve civil disputes (lawsuits) and criminal are when a law has been broken.

● What is burden of proof? Preponderance of evidence?

○ Burden of proof- the obligation to prove one’s assertion (criminal case)

○ Preponderance of evidence- whoever presents the evidence best (civil case)

● Who are the parties in a criminal case? In a civil?

○ Criminal: (Prosecution & Defense) Civil: (Plaintiff & Defendant)

● What is the difference between a felony and a misdemeanor?

○ A felony is a crime, typically one involving violence, regarded as more serious than a misdemeanor.

○ A misdemeanor is a minor wrongdoing.

Know examples of each.

● What is judicial review? Which court case established judicial review?

○ Judicial review is the supreme court’s way of ruling what’s unconstitutional or not - established by Marbury v. Madison

● What are the requirements of serving on a jury in North Carolina?

- Must be a citizen, resident of county to which your are called, 18 years olds, physically and mentally able, speak english, not been a juror for 2 years, and not served as grand juror for 6 years.

● Know the difference between the adult and juvenile justice system – purpose, punishments, ages of accused, release of criminal records

○ Those of 17 or younger go to a juvenile justice system and 18 and older go to an adult justice system

○ Criminal records are kept private for juveniles until they turn 18

○ The adult justice systems focuses more on punishment and the juvenile justice system focuses more on rehabilitation

○ Adult justice system punishments include: jail time, community service, probation,

○ Juvenile justice system punishments include:

● Know the duties of Law Enforcement Agencies-from the activity, you don’t need to write all this out)

○ The duties of Law Enforcement Agencies are to protect the peace and the civilians of the area they patrol.

State and Federal Government

● What is jurisdiction?

○ The official power to make legal decisions and judgements

● Describe the different kinds of jurisdiction? (Original, Appellate, and Concurrent)

○ Original - power to hear a case for the first time.

○ Appellate - power of higher court to review decision of lower court.

○ Concurrent - 2 or more courts have power simultaneously over specific case

● Why is jurisdiction important in the legal system?

○ Knowing what court hears what cases.

● Know the kinds of cases each state court will hear and the kind of jurisdiction they have:

○ NC District Court- Misdemeanors

○ NC Superior Court- Felony cases

○ NC Court of Appeals- Appeals from both district and superior court cases

○ NC Supreme Court- Felonies and any case found to be unconstitutional

● Know which state court would handle certain cases (NC Courts Handout – with different situations that we completed in class)

● Know the kinds of cases each federal court will hear and the kind of jurisdiction they have:

○ US District Court - Range of cases from Civil claims & Criminal cases

○ US Court of Appeals - Hear appeals from international trade & court of federal claims

○ US Supreme Court - Cases prosecuted by the U.S government

● How does the judicial branch have checks on the executive and legislative branches?

○ Judicial Review

● How does the executive and legislative have checks on the judicial branch?

○ Vetoing bills from each branch

Unit 6 - Personal Finance Literacy

● What is the difference between credit and debit?

- Debit card is when you have the money to spend. Credit is when you are borrowing the money.

● How can you responsibly use a credit card?

- Make sure you pay it off in time - do not have a balance

● Compare renting a home versus owning a home. Describe the pros and cons of each.

- Renting a home can allow for greater flexibility but can lead to higher cost long-term

● What is interest?

- Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

● What is compound interest?

○ Interest already accumulated on principal along with additional interest built up over time.

● When can interest rates be harmful and when can they be beneficial?

○ Having a high interest rate and not paying interest can be harmful to your credit score and how much income you keep. Having a low interest rate and paying off interest can be benefit

● What types of insurance are required in the United States? Health insurance. Car insurance.

● What is the easiest way to build good credit? To have credit and to be current on all payment

● How should one approach savings as a young person?

○ As a young person, saving for the future and looking out for the future would be a strong choice and would pay off when the future comes.

● Define/identify the following terms or phrases:

○ Investment- putting money into something expecting more out of it

○ Principal - sum of money lent or invested on which interest is paid.

○ Credit Score- a measurement of how good you are with money

○ Mortgage-a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property

○ Credit Union - a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

Unit 7 - The Economy

Introduction to Economics

● What is a want and a need? A want is not desired and a need is necessary for life.

● What is economics? How we make choices in a world full of limited resources.

● What is the difference between Microeconomics and Macroeconomics?

○ Microeconomics - how individuals and small businesses make choices

○ Macroeconomics - how government and society make decisions.

● What is scarcity and why will it always exist? Not enough resources to satisfy our needs, it will always exist because we always have a demand for limited resources.

● What are the 3 basic economic questions any society must answer? What to produce, How to produce it, and Whom to produce it for?

● How do wants and needs drive consumer’s economic decisions? A consumer will most likely buy a need than a want in order to survive.

● Describe the difference between good and a service? A good is tangible, a service isn’t

● Why are business and consumers always making choices? What is a trade-off and how does a trade-off lead to an opportunity cost? To make the best possible decision, and a trade off is giving one thing up for another, and an opportunity-cost is

● What is the difference between a Market economy and a Command economy?

○ Market economy uses supply and demand to determine prices while a

○ Command economy uses the government to determine prices.

Factors of Production

● Identify the four factors of production and give examples of each. - Land. Labor. Capital. Entrepreneurship

● What is specialization? What are the benefits of specialization and what are the problems with specialization? Specialization is when workers specialize in one skill. The benefits of specialization are that a company can get things done faster because one person is working on one component. The problems with it are workers become very good at their job but a problem is that if one person doesn’t do their job, everything falls apart

Supply and Demand

● What is demand? The willingness to buy a product

● What is the law of demand? The lower the price, the more the supply is purchased.

● What factors determine demand for a product? Trends, Expectations, Future, Complementary Good, and Supplementary good.

● What is supply? The willingness to sell a product

● What is the law of supply? A business will sell a product at a higher price

● What factors affect a business willingness to supply a product? Production, Technology, Future, Tax

● How does a surplus and a shortage affect the price of a product? A surplus means the price goes down while a shortage raises the price

Types of Business

● Explain the advantages and disadvantages of each of the following:

○ Sole Proprietorships- Unlimited Liability, Limited Resources, You raise all capital

○ Partnerships - When two or more people work on a business and hold responsibility

○ Corporations - When multiple groups run a business

● What is the purpose of an article of partnership? For both partners to understand that they need to place labor, capital, and skills into business with understanding there will be sharing of profits, losses and risk.

● What is the difference between limited liability and unlimited liability? Which type of businesses would have each? Unlimited Liability where the owner of the business is responsible for all debts, losses, and risks. Limited Liability is where the business has the risk spread and not on one person.

● What is the purpose of a charter? A charter is a government set regulation on a corporation

● Why do corporations sell stock? To provide capital; To raise funds and expand their company

● Why is the stock market a risky investment for the consumer? The stock market is unpredictable and you can either lose a lot of money or gain a lot of money.

● Why is diversification of stock important? So you don’t lose a lot of money on one stock

● What is a stock market and why are they regulated by the federal government? Where stocks are bought and sold; to control the buying and selling of stocks

● What are the arguments both for and against raising the minimum wage? Raising the minimum wage would decrease poverty but it can take small businesses out of business and make it harder to get a job.3

Fiscal and Monetary Policy

● What is fiscal policy? Who makes it? the use of government revenue collection and expenditure to influence the economy

● What is the federal budget? The amount the government can spend annually.

● Describe the difference between expansionary and contractionary policies?

○ Expansionary - Lower Taxes, higher spending.

○ Contractionary- Higher taxes, Lower spending.

● What are the effects of decreasing taxes/increasing spending? Expands the economy

● What are the effects of increasing taxes/decreasing spending? Decreases Inflation.

● What are the four ways we can measure an economy? GDP, Inflation, Unemployment rate, stock market.

● What does the GDP measure? How much the country sells in one year.

● What does the unemployment rate measure? Why will it always be at least 4-5%? How much people are actively looking for a job. People just finished their other job.

● What is the difference between a recession and a depression? A recession lasts for 6 months while a depression lasts longer and can be years long at a time.

● Describe the difference between a bull market and a bear market? A bull market is where investors believe that the stock market and the economy is going to grow. A bear is where they predict the market will decrease.

● What is globalization? What are the arguments both for and against globalization of the world’s economy? One global economy. They can make products cheaper and faster. Ignores local cultures and people.

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