Transcript EOC - Practice

EOC - Practice
Vocabulary Terms
Assimilation
• The process by which a
minority group
gradually adopts the
culture of the majority
group.
Business Cycle
• Short-term fluctuations
in business activity
– a period of economic
growth in real GDP
followed by a period
of decline in real GDP
– a recession or
depression followed
by a period of
economic growth,
and so on
Capital Resources
• Goods used to produce
other goods and
services
– buildings,
equipment,
machinery, tools,
dams, etc.
– often called
capital goods
Comparative Advantage
• A person or nation has
a comparative
advantage in the
production of a good or
service if that person or
nation can produce the
good or service at a
lower opportunity cost
than that of another
person or nation.
Cotton Belt
• Southern region
in the U.S.
where most of
the cotton is
grown.
Demand
• The different quantities
of a resource, good, or
service that will be
purchased at various
prices during a given
period of time.
– According to the law of
demand:
• the lower the price,
the more of it will be
purchased
• the higher the price,
the less of it will be
purchased
Democracy
• A system of
government in which
rule is by the people
– direct democracy
where the people make
their own laws
– a representative
democracy, a republic,
in which laws are made
by the people’s
representatives
Demographics
• Refers to population
– Statistics
– Changes
– Trends based on various
measures of fertility
(adding to population),
– Mortality (subtracting
from a population)
– Migration
(redistribution of a
population)
Federalism
• A political system in
which a national
government shares
powers with state or
provincial governments
– Each level of government
has definite powers
– Each level of government
may act directly on
individuals within its
jurisdiction
– In the U.S. federal system:
• Some powers are given to
the federal government
• Some powers are given to
the state governments
• Some powers are shared
• Some powers are given to
neither government
Fiscal Policy
• Government
decisions taken
with regard to
taxing and spending
money that is made
in order to achieve
economic goals
Gilded Age
• Period of rapid wealth
accumulation by entrepreneurs
from approximately the
1870’s-1890’s
– Economic, industrial,
population, & territorial
expansion
– Term coined by Mark Twain
• Unbalance of wealth
• Shallow worship of wealth
• Sharp division in social classes
Hoovervilles
• Communities of
hastily built makeshift
shelters often
constructed by people
evicted during the
Great Depression
– Derisively named after
President Herbert
Hoover
Human Characteristics of a Place
• Those features of a place
that are the result of
human activity
– Places vary in
• nature of their
populations
• population densities
• ethnic makeup of the
people
• languages most
commonly found
• dominant religions
• forms of economic, social,
and political organization
Inflation
• A rise in the general
level of prices in an
economy
Investment
• Use of resources by businesses,
individuals, or government to
increase productive capacity by
developing new technology,
obtaining new capital resources,
or improving the skills of the
work force
– Examples
• A restaurant buys new stoves in
which to bake bread
• An individual buys tools to make
some repairs
• A school buys new computers
and textbooks
Laissez Faire
• The practice of letting
people do as they please
without interference or
direction
– In an economy, letting
owners of businesses or
industries fix the rules of
competition or the
conditions of labor as they
please without government
regulation or control
– As a leadership style,
pertains to a type of
leadership where the leader
lets those under his authority
do as they please without
interference
Majority Rule
• A pattern of decision
making where
decisions are made by
vote and a decision
requires the support of
more than half of those
voting
Manifest Destiny
• A belief and policy
held and implemented
in the last half of the
19th century that
claimed the U.S.
had a right to expand
its sovereignty on the
North American
continent.
Monetary Policy
• Actions taken in an economy
to control the total money
supply in order to promote
economic growth or price
stability
– In the U.S. it is exercised by
the Federal Reserve Bank
which strives to exercise
control of the money supply
• changing reserve requirements
in member banks
• changing discount rates
– the rate of interest at
which it loans its money to
member banks
• buying and selling government
securities
Nativism
• Political movement
characterized by
anti-immigrant
sentiment favoring
the interests of
native-born people
over foreign-born
people
Natural Resources
• “Gifts of nature” used
to produce goods and
services
– Examples:
• Land, trees, water,
fish, petroleum,
mineral deposits,
fertile soil, and
favorable climatic
conditions for
growing crops
Place
• Term used by
geographers to
describe an area
– Physical features or
characteristics
(see next slide)
– Human features or
characteristics
Place
– Physical features or
characteristics
• Climate, soil,
landforms, plant life,
animal life, bodies of
water
• Resulting from
geological,
hydrological,
atmospheric, and
biological processes
Primary Sources
• Firsthand information
about people or events,
used by historians to
reconstruct and interpret
the past
– Official documents
• Laws, public speeches
– Eyewitness accounts
• Diaries, letters,
autobiographies
– Visual evidence
• News photographs,
videotapes
– Artifacts
• Manmade objects of people
in the past
– Statue, tool, everyday item
Profit
• The difference
between
total revenue
and total cost
of a business
Progressives
• Early 20th century
reformers seeking to
return the government
to the people and
correct injustices
Radicals
• Group or groups of
people that favor
fundamental changes
from the present
Region
•
An area of the world that
has similar, unifying
characteristics
–
Physical
•
Types of terrain
–
•
Rainfall
–
•
Desert, rain forest, etc.
Soil type
–
–
Plains, mountains, deserts,
etc.
Sandy, rocky, clay, etc.
Human and cultural
•
Political boundaries
–
•
How land is used
–
•
Cities, counties, states,
countries, continents, etc.
Business district, ranch,
cotton-producing region, etc.
Dominant religion of people
Rust Belt
• Region in the
northeast and
Midwest where
heavy industry and
population has
declined since the
1970’s
Saving
• To withhold a portion
of current income from
consumption.
– Example: individuals
deposit savings in banks
• Banks use money to
loan to those who
wish to buy capital
goods or other
resources
Secondary Sources
• Sources created by
someone who did not
actually witness events
– Constructed by historians
who have used primary
sources and/or secondary
sources in the process to
reconstruct and interpret
the past
• News articles
• Biographies
• Histories and history
textbooks
Separation of Powers
• The division of powers
among different
branches of
government within a
political system
Steel Belt
• A region in the
United States where
most of the heavy
industry was once
located
Suburbia
(Suburbs)
• Residential towns
that grow on the
outskirts of major
cities
Sun Belt
• Region in the Southeast
and southwest which
experienced heavy
population and business
growth since the 1970’s
Supply
• The different quantities
of a resource, good, or
service that will be
offered for sale at
various possible prices
during a specified time
period.
• According to the law of
supply, the higher the
price of an item, the more
of it that is likely to be
offered for sale.