Unit+2

=**__Unit 2 Work__**=

Class Discussion on Notes Pg. 160-172

 * Hamilton's Plan made taxes to raise money to get the economy in a solid economic start.
 * Bank was made to keep up with economy.
 * Cabinets were made to control certain aspects of government.
 * Bill of Rights written to specifically point out peoples rights in the Constitution.
 * Political parties appeared as the Federalists, and the Republicans.
 * Hamilton's Plan set how much power would be centralized and how much would be decentralized.
 * Capital building was to be built in virginia in order to get the votes from Virginia on Hamilton's plan.
 * Constitution doesn't state the Bank is needed, but the government took initiative to build it anyway because they were in an economic crisis.

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Constitution Discussion

 * Gave individual freedoms to citizens (Bill of Rights).
 * Established a system of checks and balances to government.
 * Created a form of guidelines that could be changed as times changed.
 * Established rights of the states as well as the national government.
 * Created Federalism which is a seperation of powers among the federal and state governments.
 * Supremacy Principle created, a policy that federal law trumps state law in every conflict.
 * Constitution made regulations and rules for office holders to limit their time of position.
 * Impeachment is a policy in which someone is forcibly removed from an office position if they violate conditions.

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Jacksonian America

 * Allowed Louisiana Purchase which set permission guidelines to expansionists throughout American history.
 * Cut the nations debt in half by reducing spending and didn't overwhelm the people, he cut all taxes.
 * Through Indian Removal Act, Jefferson opened up more western land to American citizens.
 * Jackson greatly weakened the Bank of the United States, and de-centralized economic power in the process.
 * Created more equality and opportunities to all American white males, represented the democratic government and set good examples for it.

Capatilism In America

 * Capitalism**-** An economic system in which the ways a product is produced are privately owned and operated for an individual profit. Supply, demand, investments to the business, decisions concerning the business, and distribution are all decided by the owner of that business, not the government. profit is distributed to owners who invest in businesses, and wages are paid to workers employed by businesses and companies, not the government. This is a policy known as free trade, or capatilism.
 * Capatilism is one of the best systems of governing a country. It gives the citizens the right to work for their money in anyway they please, as well as keep their profits if they are successful. These systems are known as Communism and Socialism. Other countries distribute all profits evenly and decide where people will occupy their career field, but the United States gives you the right to decide on your own.
 * Capatilism not only gives you the right to operate your own business privately, but to also own private property. This means that you can buy and sell anything you want at prices you conjure up and there will be no consequences. But other citizens also have the right to choose whether or not they want to buy your product or service.
 * The United States adopted this policy when the Constitution was created, to differ itself from Britian in the sence that the american people wopuld be given as much freedom as possible that could still be ruled over by the federal and state governments.
 * This policy is terrific because everyone is free to operate in any field they wish and have the opportunity to be successful. The only downfall is that not all people will be successful, and just like solely reaping all the profits, they must suffer all of the losses that may occur as well. Some folks have gone bankrupt because of it and have been forced out of their homes, while others have gone on to purchase many mansions and condos and cars.
 * Other systems of economics (Socialism and Communism), may minimize some poverty by distributing all money equally among the nation, it doesn't allow anyone to be a higher successor than anyone else, and that truly is the point of Capatilism in the United States. All people have the right to become as rich as they possibly can or as poor as they happen to become. Their status is in their hands. Not the hands of the United States government.
 * Invisible Hand- Economists term used to describe the self-regulation of the market system, or the way that the market automatically rises, remains the same, and fails with no influence from a single person or group influence. The idea of supply & demand, self-interest, and business competition causes the market to regulate.
 * Laissez Faire- T he theory or system of government that upholds the self-regulation of the economic order, believing that government should intervene as little as possible in the direction of economic affairs. "Let Be" or "Hands Off" in terms of government intervention.
 * Our system isn't purely capatilism because of many gov't interferences. we have gov't taxes, gov't spending and investments into businesses, laws against monopolies of any type of business. We have a mixed economy because there are elements where the government intervenes to benefit the common people. These interventions include free lunches, WIC, food stamps, social security, unemployment, and subsidized housing (Sometimes called welfare capatalism).

Elements of the Economy

 * Government- Rules & Regulations, Taxes, and Welfare Programs.
 * Industries and Businesses
 * Banks
 * Investors
 * Stock Market
 * Workers & Unions
 * Schools & Education
 * Consumers
 * Economy-The management of the resources of a some group of people especially with a view to its productivity.