Unit+II

Unit II

Chapter Questions:

Chapter Openers (2Col.Notes):

Vocab:

WHDs:

=Chart:= media type="custom" key="7129705" Summary: In the beginning there were no Republicans, just the Federalists and the Antifederalists when the Constitution was up for ratification, the Federalists supported it because it will solve all the current problems, the Antifederalists were afraid that it would be a tyrannical government. After the Bill of Rights was made with the Constitutions, the Antifederalists generally were gone, but soon after the ratification of the Constitution, the Republicans formed that were a part of the Federalists. They had a negative view on what the Federalists were doing, they wanted a modest central government, the other side wanted a strong national government.

=﻿//Marbury v. Madison//= Details: Adam tryed to send many Federalists into the power of government when he lost the reelection, since he did it so early, not all the commissions were sent, Marbury did not recieve their commissions so he filed sued Madison for not giving his commission (was responsible, was Secretary of State). They said that Marbury had the right to get the commission but did not have the authority to force Madison to give him it. The signifigance of this case was that it started Judicial Review, where they interpreted laws as constitutional or not.

=TJ's Presidency= media type="custom" key="7249115"

Self-Memo: What to know about Constitution, mainly: Federalism is a system in which the power to govern is shared between national and provincial/state governments, Republicanism is a system is where the people are represented, Checks & Balances- the three branches power to make sure the other doesn't get too powerful, Seperation of Powers- the legislative, judicial, and executive branches, and the Electoral College- each state's electoral votes based on population, used to elect only the president, the majority gets to show each electoral votes, ex: one gets more the other gets one behind, the one who has more gets shown in the state, too bad for the other, they don't.

=Capitalism in America= Capitalism is an economic system in which the means of production (companies) are privately owned and operated for a private profit; decisions regarding supply, demand, price, distribution, and investments are made by private actors in the market rather than by central planning by the government; profit is distributed to owners who invest in businesses, and wages are paid to workers employed by businesses and companies.Today in America, capitalism is not pure in America, the government and other countries have intervened, so it can be called a "mixed" economy, because we do have have small businesses and big businesses incorporated by private owners, yet at the same time, there is involvement from the the government in the economy in America. Capital-assest-money and property. So capitalism is a system based (on the last sentence) and competition. Elements: Consumer dollars, competition (Survival of the Fittest), workers/unions, means of production, businneses, banks, government rules and regulations. Communism- means of production are owned by government, pure opposite of capitalism. lia les affaire- term used to describe economics where government has completely no power in economics. A lot of principles (key) in the American economy comes from //The Wealth of Nations//, Adam Smith. He argued for free markets, little government intervention, and "the invisible hand" (term economists use to describe the self-regulating nature of the marketplace- Principles that make it work: self-interest, competition, and supply and demand; demand- how much people want it, supply- how much some people will give). Economy: (Before a dictionary) I believe it is a factor of a country, relating to businesses, money. (After dictionary) - the management of the resources of a community, country, etc., the dictionary definition is more accurate than mine, economy is the management of those things, today we have capitalism, the management of those resources are by private owners, not the government like in communism. Pros: Cons:
 * Capitalism promotes economic growth by providing an open competition in the market. It provides individuals with far better opportunities of raising their income and thus achieving economic growth.
 * Capitalism results in a decentralized economic system. This is considered as one of the greatest advantages of capitalism. In a decentralized economy, individuals are open to more number of options in business. They are exposed to competition and have to face different challenges and find solutions to them to stay in competition. It is in a capitalist economy that hard work is rewarded. Entrepreneurs who pitch well and are able to better their business are the undoubted winners.
 * Capitalism gives rise to an economy where the consumers regulate the market. Many consider this as one of the greatest strengths of a capitalist economy. A competitive market provided by capitalism facilitates the manufacture of a wide variety of products and the formation of a wide range of services. Consumers are happier in a capitalist economy. It encourages people to work towards financial freedom.
 * Some consider the fierce competition brought about by capitalism as its major drawback. They believe that a capitalist economy can give rise to unfair competition.
 * Capitalism makes an economy money-oriented. Business corporations look at the economy with a materialistic point of view. Profitability remains their only primary business goal. Business giants take over smaller companies. Employment rights are compensated with the sole aim of higher productivity.
 * Some economists believe that capitalism may lead to a depletion of the resources on Earth, as it requires continuous economic growth.

Opinion: There are different views about capitalism. Some believe in its strengths, while others complain about the unfair distribution of wealth it may lead to. A mixed economy can perhaps serve as the golden mean (Which we sort of have today). My opinion...I believe captialism isn't the best economy we have in America, and I don't agree with communism either, I believe a mix of the two is the best type of economy this century can have, after all we don't want any monopolies in America or a bit of a dictatorship in economics. Mixed Economy - Combination of (elements:) captialism and socialism, also referred to as Welfare Capitalism, ex: government gives food stamps, social security, unemployment benefits, etc.