As the Market Revolution Progressed,Americans Found That Their Role in the Economy

question 31

Multiple Choice

As the Market Revolution progressed,Americans found that their role in the economy changed so that they were now

• A) attaining complete self-sufficiency.
• B) shipping more of what they made abroad rather than selling it domestically.
• C) learning how the American System really operated.
• D) becoming consumers as well as producers.
• E) making more money than they could spend.

Identify the factors that influence economic decisions and behaviors, including marginal analysis and opportunity costs.

Understand the basic economic problem of scarcity and how it requires choices that entail opportunity costs.

Describe the functions of entrepreneurs in the economy and differentiate between various economic resources.

Distinguish between macroeconomics and microeconomics and their areas of study.

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Definitions:

Court System

The organizational structure of courts that interpret the law, decide lawsuits, and adjudicate criminal offenses, typically organized in a hierarchy from local to supreme courts.

Code of Judicial Conduct

A set of ethical guidelines designed to ensure that judges conduct themselves in a manner that promotes public confidence in the integrity and impartiality of the judiciary.

ABA

An abbreviation for the American Bar Association, a professional organization for attorneys in the United States that provides education, accreditation, and advocacy.

Partisan Judicial Elections

Electoral processes for judges where candidates are affiliated with and often endorsed by political parties.