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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

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Eoc practice

EOC - Practice

Vocabulary Terms


Assimilation
Assimilation

  • The process by which a minority group gradually adopts the culture of the majority group.


Business cycle
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
Capital Resources

  • Goods used to produce other goods and services

    • buildings, equipment, machinery, tools, dams, etc.

    • often called capital goods


Comparative advantage
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
Cotton Belt

  • Southern region in the U.S. where most of the cotton is grown.


Demand
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
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
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
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
Fiscal Policy

  • Government decisions taken with regard to taxing and spending money that is made in order to achieve economic goals


Gilded age
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
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
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
Inflation

  • A rise in the general level of prices in an economy


Investment
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
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
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
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
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
Nativism

  • Political movement characterized by anti-immigrant sentiment favoring the interests of native-born people over foreign-born people


Natural resources
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
Place

  • Term used by geographers to describe an area

    • Physical features or characteristics (see next slide)

    • Human features or characteristics


Place1
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
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
Profit

  • The difference between total revenue and total cost of a business


Progressives
Progressives

  • Early 20th century reformers seeking to return the government to the people and correct injustices


Radicals
Radicals

  • Group or groups of people that favor fundamental changes from the present


Region
Region

  • An area of the world that has similar, unifying characteristics

    • Physical

      • Types of terrain

        • Plains, mountains, deserts, etc.

      • Rainfall

        • Desert, rain forest, etc.

      • Soil type

        • Sandy, rocky, clay, etc.

    • Human and cultural

      • Political boundaries

        • Cities, counties, states, countries, continents, etc.

      • How land is used

        • Business district, ranch, cotton-producing region, etc.

      • Dominant religion of people


Rust belt
Rust Belt

  • Region in the northeast and Midwest where heavy industry and population has declined since the 1970’s


Saving
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
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
Separation of Powers

  • The division of powers among different branches of government within a political system


Steel belt
Steel Belt

  • A region in the United States where most of the heavy industry was once located


Suburbia suburbs
Suburbia(Suburbs)

  • Residential towns that grow on the outskirts of major cities


Sun belt
Sun Belt

  • Region in the Southeast and southwest which experienced heavy population and business growth since the 1970’s


Supply
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.


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