EOC - Practice

1. EOC - Practice Vocabulary Terms

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

3. 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

4. Capital Resources • Goods used to produce other goods and services • buildings, equipment, machinery, tools, dams, etc. • often called capital goods

5. 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.

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

7. 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

8. 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

9. 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)

10. 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

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

12. 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

13. Hoovervilles • Communities of hastily built makeshift shelters often constructed by people evicted during the Great Depression • Derisively named after President Herbert Hoover

14. 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

15. Inflation • A rise in the general level of prices in an economy

16. 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

17. 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

18. 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

19. 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.

20. 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

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

22. 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

23. Place • Term used by geographers to describe an area • Physical features or characteristics (see next slide) • Human features or characteristics

24. Place • Physical features or characteristics • Climate, soil, landforms, plant life, animal life, bodies of water • Resulting from geological, hydrological, atmospheric, and biological processes

25. 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

26. Profit • The difference between total revenue and total cost of a business

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

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

29. 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

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

31. 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

32. 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

33. Separation of Powers • The division of powers among different branches of government within a political system

34. Steel Belt • A region in the United States where most of the heavy industry was once located

35. Suburbia(Suburbs) • Residential towns that grow on the outskirts of major cities

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

37. 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.