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advice and consent
a legal expression in the United States Constitution that allows the Senate to constrain the President's powers of appointment and treaty-making
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affirmative action
a policy designed to redress past discrimination against women and minority groups through measures to improve their economic and educational opportunities
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anarchy
a state of lawlessness and disorder (usually resulting from a failure of government)
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arbitration
the act of deciding as an arbiter; giving authoritative judgment
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Articles of Confederation
a written agreement ratified in 1781 by the thirteen original states; it provided a legal symbol of their union by giving the central government no coercive power over the states or their citizens
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balanced budget
a budget is balanced when current expenditures are equal to receipts
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body politic
a politically organized body of people under a single government
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boycott
a group's refusal to have commercial dealings with some organization in protest against its policies
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bribery
the practice of offering something (usually money) in order to gain an illicit advantage
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budget deficit
an excess of expenditures over revenues
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bureaucracy
a government that is administered primarily by bureaus that are staffed with nonelective officials
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business deduction
tax write-off for expenses of doing business
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capital stock
the maximum number of shares authorized under the terms of a corporation's articles of incorporation
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capitalism
an economic system based on private ownership of capital
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caste system
a social structure in which classes are determined by heredity
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chauvinism
fanatical patriotism
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Chinese Revolution
the republican revolution against the Manchu dynasty in China; 1911-1912
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citizenry
the body of citizens of a state or country
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civil disobedience
a group's refusal to obey a law because they believe the law is immoral (as in protest against discrimination)
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civil law
the legal code of ancient Rome; codified under Justinian; the basis for many modern systems of civil law
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civility
the act of showing regard for others
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Cold War
a state of political hostility that existed from 1945 until 1990 between countries led by the Soviet Union and countries led by the United States
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collective bargaining
negotiation between an employer and trade union
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collusion
secret agreement
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common law
(civil law) a law established by following earlier judicial decisions
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communism
a political theory favoring collectivism in a classless society
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congressional district
a territorial division of a state; entitled to elect one member to the United States House of Representatives
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conservative
resistant to change
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constituency
the body of voters who elect a representative for their area
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constitutionalism
advocacy of a system of government according to constitutional principles
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consumer price index
an index of the cost of all goods and services to a typical consumer
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cooperative
involving the joint activity of two or more
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copyright
a document granting exclusive right to publish and sell literary or musical or artistic work
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cruel and unusual punishment
punishment prohibited by the 8th amendment to the U.S. Constitution; includes torture or degradation or punishment too severe for the crime committed
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deficit
the property of being an amount by which something is less than expected or required
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deflation
the act of letting the air out of something
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demand-pull inflation
inflation caused by an increase in demand or in the supply of money
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Democratic Party
the older of two major political parties in the United States
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depression
a sunken or depressed geological formation
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deregulation
the act of freeing from regulation (especially from governmental regulations)
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discount rate
interest on an annual basis deducted in advance on a loan
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disposable income
income (after taxes) that is available to you for saving or spending
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divine law
a law that is believed to come directly from God
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divine right
the doctrine that kings derive their right to rule directly from God and are not accountable to their subjects; rebellion is the worst of political crimes
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double jeopardy
the prosecution of a defendant for a criminal offense for which he has already been tried; prohibited in the fifth amendment to the United States Constitution
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Dow Jones
an indicator of stock market prices; based on the share values of 30 blue-chip stocks listed on the New York Stock Exchange
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durable goods
consumer goods that are not destroyed by use
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economic theory
(economics) a theory of commercial activities (such as the production and consumption of goods)
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economics
the branch of social science that deals with the production and distribution and consumption of goods and services and their management
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elasticity
the tendency of a body to return to its original shape after it has been stretched or compressed
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electoral system
a legal system for making democratic choices
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eminent domain
the right of the state to take private property for public use; the Fifth Amendment that was added to the Constitution of the United States requires that just compensation be made
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Enlightenment
a movement in Europe from about 1650 until 1800 that advocated the use of reason and individualism instead of tradition and established doctrine
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estate tax
a tax on the estate of the deceased person
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ethnicity
an ethnic quality or affiliation resulting from racial or cultural ties
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European Union
an international organization of European countries formed after World War II to reduce trade barriers and increase cooperation among its members
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excise tax
a tax that is measured by the amount of business done (not on property or income from real estate)
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exclusionary rule
a rule that provides that otherwise admissible evidence cannot be used in a criminal trial if it was the result of illegal police conduct
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expenditure
the act of spending money for goods or services
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Federal Communications Commission
an independent government agency that regulates interstate and international communications by radio and television and wire and cable and satellite
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Federal Reserve
the central bank of the United States; incorporates 12 Federal Reserve branch banks and all national banks and state-chartered commercial banks and some trust companies
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Federal Reserve System
the central bank of the United States; incorporates 12 Federal Reserve branch banks and all national banks and state-chartered commercial banks and some trust companies
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federalism
the idea of a federal organization of more or less self-governing units
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Federalist
a member of a former political party in the United States that favored a strong centralized federal government
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financial institution
an institution (public or private) that collects funds (from the public or other institutions) and invests them in financial assets
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fiscal policy
a government policy for dealing with the budget (especially with taxation and borrowing)
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Food and Drug Administration
a federal agency in the Department of Health and Human Services established to regulate the release of new foods and health-related products
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Fourteenth Amendment
an amendment to the Constitution of the United States adopted in 1868; extends the guarantees of the Bill of Rights to the states as well as to the federal government
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franchise
a statutory right or privilege granted to a person or group by a government (especially the rights of citizenship and the right to vote)
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free enterprise
an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
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GATT
a United Nations agency created by a multinational treaty to promote trade by the reduction of tariffs and import quotas
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government security
a security issued by United States government agencies or the Farm Credit System
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head start
the advantage gained by beginning early (as in a race)
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home office
(usually plural) the office that serves as the administrative center of an enterprise
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House of Commons
the lower house of the British parliament
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House of Lords
the upper house of the British parliament
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ideology
an orientation that characterizes the thinking of a group or nation
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incorporation
consolidating two or more things; union in (or into) one body
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interest rate
the percentage of a sum of money charged for its use
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International Monetary Fund
a United Nations agency to promote trade by increasing the exchange stability of the major currencies
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jingoism
fanatical patriotism
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judicial review
review by a court of law of actions of a government official or entity or of some other legally appointed person or body or the review by an appellate court of the decision of a trial court
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junta
a group of military officers who rule a country after seizing power
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jurisdiction
in law; the territory within which power can be exercised
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legislation
the act of making or enacting laws
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legitimacy
lawfulness by virtue of being authorized or in accordance with law
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libel
a false and malicious publication printed for the purpose of defaming a living person
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liberal
showing or characterized by broad-mindedness
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liberalism
a political orientation that favors social progress by reform and by changing laws rather than by revolution
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litigation
a legal proceeding in a court; a judicial contest to determine and enforce legal rights
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macroeconomics
the branch of economics that studies the overall working of a national economy
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Magna Carta
the royal charter of political rights given to rebellious English barons by King John in 1215
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marginal cost
the increase or decrease in costs as a result of one more or one less unit of output
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market economy
an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
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marketplace
an area in a town where a public mercantile establishment is set up
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Marshall Plan
a United States program of economic aid for the reconstruction of Europe (1948-1952); named after George Marshall
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microeconomics
the branch of economics that studies the economy of consumers or households or individual firms
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monarchy
an autocracy governed by a monarch who usually inherits the authority
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money supply
the total stock of money in the economy; currency held by the public plus money in accounts in banks
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monopoly
(economics) a market in which there are many buyers but only one seller
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Monroe Doctrine
an American foreign policy opposing interference in the western hemisphere from outside powers
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moral obligation
an obligation arising out of considerations of right and wrong
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NAFTA
an agreement for free trade between the United States and Canada and Mexico; became effective in 1994 for ten years
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national debt
the debt of the national government (as distinguished from the debts of individuals and businesses and political subdivisions)
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nationalism
the doctrine that your national culture and interests are superior to any other
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natural law
a rule or body of rules of conduct inherent in human nature and essential to or binding upon human society
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oligopoly
(economics) a market in which control over the supply of a commodity is in the hands of a small number of producers and each one can influence prices and affect competitors
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Organization of American States
an association including most countries in the western hemisphere; created in 1948 to promote military and economic and social and cultural cooperation
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organized crime
underworld organizations
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organized labor
employees who are represented by a labor union
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patent
a document granting an inventor sole rights to an invention
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perjury
criminal offense of making false statements under oath
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personal income
the income received by a single individual
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price control
restriction on maximum prices that is established and maintained by the government (as during periods of war or inflation)
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price floor
floor below which prices are not allowed to fall
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primary election
a preliminary election where delegates or nominees are chosen
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production cost
combined costs of raw material and labor incurred in producing goods
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property tax
a capital tax on property imposed by municipalities; based on the estimated value of the property
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Protestant Reformation
a religious movement of the 16th century that began as an attempt to reform the Roman Catholic Church and resulted in the creation of Protestant churches
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public works
structures (such as highways or schools or bridges or docks) constructed at government expense for public use
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recession
the act of ceding back
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referendum
a legislative act is referred for final approval to a popular vote by the electorate
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regulation
the act of bringing to uniformity; making regular
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rental income
income received from rental properties
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republic
a form of government whose head of state is not a monarch
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Republican Party
the younger of two major political parties in the United States; GOP is an acronym for grand old party
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return on investment
(corporate finance) the amount, expressed as a percentage, that is earned on a company's total capital calculated by dividing the total capital into earnings before interest, taxes, or dividends are paid
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right to life
the right to live
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self-determination
determination of one's own fate or course of action without compulsion
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service charge
a percentage of a bill (as at a hotel or restaurant) added in payment for service
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sexual harassment
unwelcome sexual behavior by a supervisor toward an employee
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shareholder
someone who holds shares of stock in a corporation
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social contract
an implicit agreement among people that results in the organization of society; individual surrenders liberty in return for protection
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social welfare
governmental provision of economic assistance to persons in need
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socialism
a political theory advocating state ownership of industry
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speculation
continuous and profound contemplation or musing on a subject or series of subjects of a deep or abstruse nature
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statute law
law enacted by a legislative body
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stock
a supply of something available for future use
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stock market
an exchange where security trading is conducted by professional stockbrokers
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stockholder
someone who holds shares of stock in a corporation
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subsidy
a grant paid by a government to an enterprise that benefits the public
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tax revenue
government income due to taxation
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telecommuting
employment at home while communicating with the workplace by phone or fax or modem
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third party
someone other than the principals who are involved in a transaction
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transfer payment
a public expenditure (as for unemployment compensation or veteran's benefits) that is not for goods and services
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UNICEF
an agency of the United Nations responsible for programs to aid education and the health of children and mothers in developing countries
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vigilantism
the actions of a vigilance committee in trying to enforce the laws
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Wall Street
a street in lower Manhattan where the New York Stock Exchange is located; symbol of American finance
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warrant
formal and explicit approval
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warranty
a written assurance that some product or service will be provided or will meet certain specifications
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World Bank
a United Nations agency created to assist developing nations by loans guaranteed by member governments
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World War I
a war between the allies (Russia, France, British Empire, Italy, United States, Japan, Rumania, Serbia, Belgium, Greece, Portugal, Montenegro) and the Central Powers (Germany, Austria-Hungary, Turkey, Bulgaria) from 1914 to 1918
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World War II
a war between the Allies (Australia, Belgium, Bolivia, Brazil, Canada, China, Colombia, Costa Rica, Cuba, Czechoslovakia, Dominican Republic, El Salvador, Ethiopia, France, Greece, Guatemala, Haiti, Honduras, India, Iran, Iraq, Luxembourg, Mexico, Netherlands, New Zealand, Nicaragua, Norway, Panama, Philippines, Poland, South Africa, United Kingdom, United States, USSR, Yugoslavia) and the Axis (Albania, Bulgaria, Finland, Germany, Hungary, Italy, Japan, Rumania, Slovakia, Thailand) from 1939 to 1945
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zoning
dividing an area into zones or sections reserved for different purposes such as residence and business and manufacturing etc