Inference – An idea or conclusion that's drawn from evidence and reasoning.
Precedent – An action, court ruling or event that can be used as an example for future similar situations; a tradition
Agriculture-The occupation concerned with cultivating land, raising crops, and feeding, breeding, and raising livestock.
Industry – The commercial production and sale of goods.
Strict Interpretation – Reading and following the Constitution word for word. The Constitution means exactly what it says, no more and no less.
Implied Powers – Reading ‘between the lines’ or inferring the meaning of the Constitution. This allowed for broad interpretation of what the Constitution said the government could do.
Economy – The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services
Capital – Money or any good or asset that can be turned into money
Credit – The power to borrow something, particularly money.
Collateral – Security (Ex: house, car) pledged for the payment of a loan
Bond – A written promise to pay back a loan plus interest (often government issued).
Interest – A charge for borrowing money.
Default – When you are unable to pay back a loan.
Investors – Someone who buys or puts their money towards something with the intent to make more money.
Speculators – People who bought government bonds from the original investors in hopes of making a large profit.
Free Enterprise System – An economy where citizens can do business without excessive government regulation.
Infrastructure – The basic equipment and structures (such as roads and bridges) that are needed for a country, region, or organization to function properly.
Revenue – Money coming in, often that which is collected by a government for public use.
Expenditure – The act of spending money or amount of money spent.
Tariff – A tax on imported goods
Charter – A document which declares that a city, corporation, school, or government institution has been established. It can give a time limit.
Excise Tax – A tax on specific items, often luxuries.
Domestic Policy – A government action dealing with issues within the country
Foreign Policy – A government action dealing with issues with other countries
Neutrality – Not taking sides in a conflict.
Impressment – Forcing American merchant sailors into the service of a foreign navy, most often occurred with the British Royal Navy
Diplomacy – Talking with other countries to work out issues.
Tribute – A bribe paid by one country to another for peace, access or protection.
Alien – People who have to come from other countries, but are not yet citizens.
Sedition – The crime of encouraging a rebellion against a government.
Naturalize – To make someone a citizen.
Resolution – A formal statement of opinion from an assembly
State’s Rights – The rights and powers held by individual U.S. states rather than by the federal government.
Nullify – To make legally invalid or valueless, without legal force.
Lame Duck – An elected official still in office whose successor has already been chosen
Commission – An official order granted by the government.
Jurisdiction – The area over which a court or law enforcement official has control.
Landmark Case – Court decisions that establish new precedents or change the interpretation of existing laws.
Unconstitutional – Violates the rules set forth by the Constitution.
Judicial Review – The power of the judicial branch to review a law and declare it unconstitutional.
Embargo – An official ban on trade or other commercial activity with a particular country.
Necessary and Proper Clause (Elastic Clause) – It gives Congress the right to do what’s needed to carry out its other powers.
Supremacy Clause – A clause in article VI of the U.S. Constitution that declares the constitution, laws, and treaties of the federal government to be the supreme law of the land to which judges in every states are bound regardless of state law to the contrary.
Interstate – Trade between two or more states
Intrastate - Trade within a state
Commerce – The activity of buying or selling, esp. on a large scale.
Monopoly – The exclusive right to carry on a business, traffic or service granted by the government.
Sectionalism – Caring more about your state/region than the nation as a whole. (antonym: nationalism)
Doctrine – A statement of official government policy especially in foreign affairs and military strategy.
Self-Made Man – Someone who didn’t have anything and got himself to the top with determination and hard work.
Jacksonian Democracy – The idea of spreading democracy to all the people, not just the elite, thus ensuring majority rule.
Secede – To leave a group or organization; in this case leaving the United States.