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Objective 6.06:
Analyze the role of lobby groups and special interest groups in the enactment of legislation.
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Major Concepts
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Terms
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Organizing for Influence
Interest Groups
Lobbying
Think Tanks
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Economic Interest
- Business
- Labor groups
- Agricultural groups
- Professional groups
Non-economic Interest
- Public Interest
- Single-Issue Interest
- Ideological
Chamber of Commerce
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Objective 6.07:
Compare responsibilities, jurisdictions, and methods of law enforcement agencies.
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Major Concepts
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Terms
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Role of Law Enforcement Agencies
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Local Law Enforcement
State Law Enforcement
Federal Law Enforcement
Sheriff
Police
State Troopers
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Objective 6.08:
Evaluate methods used by society to address criminal and anti-social behaviors.
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Major Concepts
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Terms
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Types of Punishment
Repetitive Criminal Activity
Deviant Behavior
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Long-term suspension Three-Strikes laws
Confiscation of Property Mental Institutions
Long-term Incarceration Death Penalty
Rehabilitation Monetary Compensation
Recidivism Retribution
Restitution Deterrence
Detention Probation
Parole Juvenile detention
Community service House arrest
Jail Prison
Boot camp Compensation
Rehabilitation Incarceration
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Objective 7.01:
Describe the basic factors of production such as land, labor, capital, and entrepreneurial skills and their impact on economic activities.
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Major Concepts
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Terms
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Four Factors of Production
Efficient use of production
Basic Economic Questions
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Economics Want
Need Land
Renewable natural resource Nonrenewable natural resources
Labor Capital
Entrepreneurship Productivity
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Objective 7.02:
Explain how scarcity influences producers and consumers to make choices.
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Major Concepts
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Terms
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Scarcity
Decision Making Process
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Limited resources
Decision-making model
Wants
Needs
Services
Goods
Wages
Salary
Consumer
Producer
Pricing
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Objective 7.03:
Compare examples of tradeoffs and opportunity costs of economic choices.
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Major Concepts
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Terms
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Wants versus Needs
Tradeoffs
Opportunity Costs
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Immediate gratification
Incentives
Fixed costs
Variable costs
Total costs
Marginal costs
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Objective 7.04:
Analyze the impact on economic activities of specialization, division of labor, consumption and production increases.
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Major Concepts
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Terms
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Specialization
Division of Labor
Consumption
Production
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Assembly line
Technologies
Robotics
Invention
Innovation
Mass production
Factory
Agribusiness
Business organizations Specialization
Human capital
Productivity
White collar
Blue collar
Skilled workers
Unskilled workers
Automation
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Objective 7.05:
Explain the impact of investment on human, capital, productive, and natural resources.
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Major Concepts
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Terms
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Productivity
Investment
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Capital Goods
Consumer Goods
Producer Price Index (PPI)
Output versus Input
Law of Diminishing Return
Recycling
Education and training
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Objective 7.06:
Compare and contrast how different economic systems address key economic factors.
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Major Concepts
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Terms
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Free Enterprise
Capitalism
Socialism
Communism – Command
Traditional Society
Market Economy
Mixed Economy
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Market
Laissez-faire
Invisible hand
Competition
Cooperation
Choices
Consumer sovereignty
Private property
Profit motive
Exchange
Incentives
Communist Manifesto
Wealth of Nations
The Keynesian Theory
Fiscal Policy
Deficit Spending
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Objective 8.01:
Compare characteristics of command, market, traditional, and mixed economies.
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Major Concepts
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Terms
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What to Produce
How to Produce It
For Whom to Produce It
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Market economy
Mixed Market economy
Command economy
Mixed economy
Traditional economy
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Objective 8.02:
Describe how the free enterprise system encourages private ownership of property and promote individual initiative.
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Major Concepts
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Terms
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Mixed Market Economy
Economic Goals of the Free Enterprise System
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Private property
Voluntary exchange
Patents
Copyrights
Full employment
Efficiency
Productivity
Specialization
Division of Labor
Security
Equity
Freedom
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Objective 8.03:
Explain the circular flow of economic activities and how interactions determine the prices of goods and services.
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Major Concepts
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Terms
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Factor market (household)
Product market (business)
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Circular flow of economic activity Wages
Salary Economic interdependence
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Objective 8.04:
Illustrate how supply and demand affects prices.
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Major Concepts
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Terms
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Law of demand
Law of supply
Law of supply and demand
Equilibrium Price/Market Price
Influences on Supply and Demand
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Demand curve/schedule
Supply curve/schedule
Personal income
Disposal income
Complimentary goods
Substitute good
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Objective 8.05:
Predict how prices change when there is either a shortage or surplus.
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Major Concepts
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Terms
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Influences on prices
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Surplus Shortage
Consumer Tastes Minimum wage
Inflation Deflation
Wage and price control Interest rates
Trickle-down effect Supply side economics
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Objective 8.06:
Explain how changes in the level of competition can affect price and output levels.
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Major Concepts
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Terms
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Market Basics
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buyers and sellers Monopoly
Oligopoly Competitive market
Mergers Horizontal merger
Vertical merger Conglomerates
Multinational Conglomerates
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