Questions and Answers
What is the definition of capital?
What does commerce refer to?
What is an embargo?
Stopping of trade
Define exploitation.
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What does free trade mean?
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What is imperialism?
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Define injunction.
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What does manifest destiny refer to?
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Define misogyny.
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What are tariffs?
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What does the term 'annex' mean?
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Study Notes
Key Economic and Legal Terms
- Capital: Wealth in the form of money or property used in a business by individuals or organizations.
- Commerce: Large-scale buying and selling of goods and services.
- Embargo: An official ban or stopping of trade with a specific country or goods.
Social and Political Concepts
- Exploitation: Taking unfair advantage of a person or situation for personal gain.
- Free Trade: Trade policies that do not impose tariffs or regulations such as wage, safety, or environmental laws on transactions.
- Imperialism: The policy of a nation to exert economic, political, and military dominance over weaker nations under the guise of moral and humanitarian reasons.
Legal Definitions
- Injunction: A court order requiring a person or organization to perform or refrain from a specific action.
Historical Context
- Manifest Destiny: The belief that the U.S. was destined by God to expand its territory across North America and to spread American culture globally.
- Misogyny: A cultural or individual prejudice against women, characterized by dislike or contempt.
Tariffs and Economic Policies
- Tariffs: Taxes imposed on imports to protect domestic industries by making foreign goods more expensive.
- Example of Tariffs: The U.S. used tariffs to protect its manufacturing industry from British imports during the industrial revolution.
Significant Events and Actions
- Annexation of Texas: After Texas gained independence from Mexico in 1836, it was annexed by the U.S. in 1845 upon Texas' request.
- NAFTA: A trade agreement to encourage free trade between the U.S., Canada, and Mexico initiated in 1989.
Impacts of Policies
- U.S. Industrialization: Factory owners during the Industrial Revolution exploited workers to maximize profit through wage cuts.
- Importance of San Francisco Bay: The U.S. sought to purchase California from Mexico due to the strategic commercial significance of its bay.
Implications of Precedents
- Precedent of Injunctions: In 1875, the Supreme Court upheld the president's authority to issue injunctions, exemplified by the Pullman strike scenario.
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Description
Test your knowledge on key business terminology with this set of flashcards. Each card provides a definition for essential terms like capital, commerce, embargo, and exploitation. Perfect for students and professionals alike!
