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EOC - Practice Vocabulary Terms EOC – CLE Vocabulary Terms.

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Presentation on theme: "EOC - Practice Vocabulary Terms EOC – CLE Vocabulary Terms."— Presentation transcript:

1 EOC - Practice Vocabulary Terms EOC – CLE 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 GDP =

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. Opportunity cost =

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 Idea that government should not interfere in the economy

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 Just because a source is a primary source, however, does not mean that it is to be taken to be fully true. A person who observed an event and who describes it may perceive it inaccurately because of his personal frame of reference.

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.

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