Compiled by Tempesta
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M - N
O
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- Z
G
GDP - measures the value of all goods and services produced within a given nation's
borders no matter what the producer's nationality.
GNP - measures the value of all goods and services in a given
nation's economy and is determined by adding up all consumer, government, and investment
spending both world-wide and domestically.
Gestapo - the German state secret police during the Nazi
regime.
God - the Supreme Being, the creator, and ruler of the
universe.
grand jury - a jury designated to inquire into alleged
illegalities to determine whether or not there is sufficient evidence to warrant a trial.
H, I
Illuminati - persons possessing or claiming to possess
superior understanding and knowledge.
impeachment - a formal accusation in Congress or state
legislature against a public official and the resulting trial.
inflation - a rise in the general level of prices of goods
and services.
IRS - Internal Revenue Service. An agency of the U.S.
Department of Treasury responsible for encouraging taxpayers to voluntarily comply with
the tax laws and regulations. It also provides information and assistance to taxpayers and
takes action when necessary and appropriate to enforce the law.
J
judicial branch - one of the three main branches of U.S.
government whose function is to administer and enforce the laws of the United States.
justice - the quality of conforming to principles of reason,
to generally accepted standards of right and wrong, and to the stated terms of laws,
rules, and agreements, etc. in matters affecting persons who could be wronged or unduly
favored.
K, L
labour party - a political party in Great Britain, formed in 1900 and characterized
chiefly by broad social reforms.
labor union - workers who organize in order to, among other
things, promote higher wages and better working conditions.
Laffer curve - a curve illustrating the relationship between
tax rates and tax revenues. The curve reflects the fact that tax revenues are low for both
very high and very low tax rates.
laissez-faire - the theory that government should not
interfere in the direction of economic affairs.
legislative branch - Congress, which is comprised of the
Senate and the House of Representatives. One of the three main branches of the U.S.
government consisting of elected officials empowered to make, change, or repeal laws.
libertarian - a person who advocates freedom from despotic
government rule and who believes in free will; every person has the absolute right to
control his own property, life, thoughts, body, speech, conduct, etc. and is obliged to
respect these same rights of others.
M
marginal tax rate - the amount of one's additional (marginal) earnings that must be
paid explicitly in taxes or implicitly in the form of a reduction in the level of one's
income supplement. Since it establishes the fraction of an additional dollar earned that
an individual is permitted to keep, it is an important determinant of the incentive to
work.
Marxism - a system of thought developed by Karl Marx, along
with Friedrich Engels, which is the basis for the theoretical principles of communism.
(see communism)
Medicaid - a government program financed by federal, state,
and local funds for hospitalization and medical insurance for persons of all ages within
certain income limits.
militant - vigorously active, aggressive, or combative.
military - U.S. armed forces comprised of the Navy, Army, Air
Force, and Marines.
militia - all able-bodied males between the ages of 18 and 45
considered eligible for defensive military service in times of emergency.
minimum wage - the lowest wage payable, by law or union
contract, to a company's employees.
monarchy - a state in which the supreme power is vested in a
hereditary sovereign such as king, queen, or emperor.
monopoly - a market situation characterized by a single
seller of a good or service for which there is no comparable substitute and by factors
that make it difficult for other firms to enter the market for that product.
morality - the rules of right and good conduct.
N
national socialism - the principles and practices of the Nazi party in Germany.
Grounded in military authoritarianism, opposition towards democracy, and the belief in the
physical, moral, and cultural superiority of Nordic people, it idealized the state. (see
Nazi)
nationalism - devotion to the interests of one's own country.
Nazi - a member of the National Socialist German Worker's
Party, which in 1933, under Adolf Hitler, seized political control of Germany. (see
national socialism).
Neo-conservative - Jewish-Americans,
former leftists, who have moved over to the political right. One of
its main tenets is the vital importance of Israel as a strategic
partner to the U.S.
NOW - National Organization for Women. An American
organization that seeks to promote equal rights for women and end discrimination against
women in all areas of employment, education, the military, social organizations, etc.
O
oligopoly - a market situation in which only a few companies dominate and compete
in a given industry.
outlays - monetary expenditures.
P
parliament - the legislature of Great Britain made up of the House of Lords and the
House of Commons.
partisan - an adherent supporter of a person, party, or
cause.
perjury - willfully lying under oath before a competent
tribunal, about a point pertinent to a legal inquiry.
PETA - People for the Ethical Treatment of Animals. A group
that supports animal "rights" by protesting medical testing on animals and the
use of animals to make clothing, cosmetics, and other consumables including food.
pluralism - the view that the world contains many kinds of
existent, which in their uniqueness cannot be reduced to just one or two.
plurality - the excess of votes received by the leading
candidate in an election in which there are three or more candidates, over those received
by the next candidate.
plutocracy - the rule of the wealthy.
positivism - that which has to be accepted as we find it and
is not given to further explanation.
prime rate - A rate banks use in conjunction with other rates
such as LIBOR and Fed Funds to determine interest rates in lending transactions.
privatize - to convert businesses from government ownership
to private ownership.
property rights - the rights to use, control, and obtain the
benefits from a good or service.
Q
quota - the number of persons of a specific race or gender required to be enrolled
in a college, to be hired by a company, to be admitted to a club, etc.
R
racism - a doctrine that inherent differences in race determine individual
achievement.
recession - a downturn in economic activity marked by two
consecutive quarters in which there is a decline in real GNP.
republic - a state in which the supreme power is with the
citizens entitled to vote and is exercised by representatives chosen by them.
republican - an advocate of conservatism. (see conservatism).
S
S and L - Savings and Loan. Financial institutions that accept deposits in exchange
for shares that pay dividends.
SEC - Securities and Exchange Commission. A board charged
with regulating the public offer and sale of securities.
secede - to formally break away from an alliance or
federation, such as a political union.
sexism - discrimination against women in job opportunities,
education, military, etc.
sexual harassment - unwanted sexually-oriented comments or
actions made towards an employee by a superior or co-worker that disrupt the working
environment and/or affect said employee's wages, opportunity for advancement, job
security, etc.
social democrat - one who advocates, through a democratic
process, a slow transition to socialism.
socialism - a system of economic organization in which state
owns and controls the basic means of production and where centralized planning, rather
than market forces, determines the allocation of resources.
social security - a life insurance and retirement plan run by
the federal government and funded through compulsory payments by employers and employees.
Socratic method - a teacher, by questioning his student,
brings the student to recognize some conclusion without telling the student that the
conclusion is true.
Spin - a political agenda, twisting truths or facts into
something that "proves" your point of view.
suborn - to bribe or induce a witness to give false
testimony.
subsidy - aid given by a government to a private commercial
enterprise, a charity organization, etc.
syndicalism - Anti-capitalist, non-traditional socialist
doctrine that sees the state as oppressive and advocates replacing the state system with
production groups connected by a centralized agent which determines economic needs and
organizes production. It is believed that working within such groups would unite workers
and that this kind of unity would overcome diverging political and religious beliefs.
T
think tank - a research institute or other organization of scholars, social or
physical scientists, etc.
Tory - a member of the conservative party in Great Britain or
Canada.
Troll - to allure, entice and bait. A person who gives
false, outrageous, inflamatory, political statements, or insults, in order to
provoke a desired response. The internet troll wants to make a fool out of anyone
trusting enough, to take his comments seriously.
tyranny - arbitrary and unrestrained abuse of power.
U
United Nations - an international organization, headquartered in New York City,
formed to promote international peace, security, and cooperation under the terms of the
charter signed by 51 founding countries in San Francisco in 1945.
unilateralism - a government acting on it's own, in it's own best
interests. This would be opposed to going to the United Nations, to act jointly with other
nations, on international principles designed to benefit "the many".
utilitarianism - Judging actions by their consequences and
the pleasure derived from them. The goal being the greatest amount of happiness for the
most people.
V
vast right wing conspiracy - a term coined by Hillary Rodham-Clinton to describe
the accusations of, and the investigations into, President Bill Clinton's alleged
misconduct and alleged illegal activities.
voucher - a government coupon given to parents that can only
be used to send their children to the public or private school of the parents' choice.
W
Watergate - an illegal break-in, by Republican campaign employees, at Democratic
party national headquarters in Washington, D.C. during the 1972 presidential campaign.
welfare - financial aid that is funded by tax dollars and
given by government because of hardship or need.
X, Y, Z
Sources: The Random House
College Dictionary, A Dictionary of Philosophy by Antony Flew, Economics - Private and
Public Choice by James D. Gwartney and Richard L. Stroup, Principles of Finance by Robert
W. Kolb
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