write a short paragraph in which you explain the terms laissez-faire, customs duties, and judicial review

1 answer:

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Laissez faire refers to an economic system that has little government interference. Advocates of this system belief that the economy does best when government does not get involved. Instead of the government keeping an eye on businesses, this system focuses on different companies to keep each other in check through competition.

Customs duties refers to tariffs. A tariff is a tax on an imported good. This makes goods from other countries more expensive.

Judicial Review is the idea that the Supreme Court gets to decide whether a law is constitutional (legal) or unconstitutional (illegal). This power was granted to the Supreme Court thanks to the court case Marbury vs. Madison.

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