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Understanding Key Political and Economic Terms: A Guide

This guide covers essential political and economic terms relevant to governance and taxation, including treaties, bureaucracy, the spoils system, and progressive tax structures. It delves into concepts like public debt, interest on borrowing, and domestic affairs, providing an overview of terms such as patronage, tax returns, and civil service. Additionally, it explains the oath of office, pardons, and customs duties. Whether you're studying political science or just want to understand these complex concepts better, this terminology will enhance your knowledge.

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Understanding Key Political and Economic Terms: A Guide

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  1. Unit 4 Vocab

  2. Treaty –A formal agreement between two or more sovereign states. • Bureaucracy –A large, complex administrative structure that handles the everyday business of an organization. • Spoils System – The practice of giving offices and other favors of government to political supporters and friends.

  3. Progressive Tax – A type of tax proportionate to income. • Interest – A charge for borrowed money, generally a percentage of the amount borrowed. • Persona non grata- used to describe recalled diplomatic officials.

  4. Domestic Affairs – All matters not directly connected to the realm of foreign affairs • Patronage – The practice of giving jobs to supporters and friends. • Tax return – A declaration of taxable income and of the exemptions and deductions claimed

  5. Public Debt – All the money borrowed by the government and not yet repaid, plus the accrued interest on that money; also called the national debt or federal debt. • Oath of Office – Oath taken by the president on the day he takes office, pledging to “faithfully execute” the office and “preserve, protect, and defend” the Constitution.

  6. Pardon – Release from the punishment or legal consequences of a crime, by the president (in a federal case) or a governor (in a state case). • Civil Service – Those Civilian employees who perform the administrative work of government.

  7. Bipartisan – Supported by two parties. • Custom Duty – A tax laid on goods brought into the United States from abroad, also known as tariffs, import duties, or imposts.

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