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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

  • 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.
  • 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
  • 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
  • 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)
  • 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
  • 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
  • A rise in the general level of prices in an economy
  • 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
  • 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
  • Term used by geographers to describe an area
    • Physical features or characteristics (see next slide)
    • Human features or characteristics
  • 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
  • The difference between total revenue and total cost of a business
  • Early 20th century reformers seeking to return the government to the people and correct injustices
  • Group or groups of people that favor fundamental changes from the present
  • 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
  • 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
  • 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
  • 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.