2AssimilationThe process by which a minority group gradually adopts the culture of the majority group.
3Business Cycle Short-term fluctuations in business activity a period of economic growth in real GDP followed by a period of decline in real GDPa recession or depression followed by a period of economic growth, and so onGDP =
4Capital Resources Goods used to produce other goods and services buildings, equipment, machinery, tools, dams, etc.often called capital goods
5Comparative 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 =
6Cotton BeltSouthern region in the U.S. where most of the cotton is grown.
7DemandThe 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 purchasedthe higher the price, the less of it will be purchased
8Democracy A system of government in which rule is by the people direct democracy where the people make their own lawsa representative democracy, a republic, in which laws are made by the people’s representatives
9Demographics 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)
10FederalismA political system in which a national government shares powers with state or provincial governmentsEach level of government has definite powersEach level of government may act directly on individuals within its jurisdictionIn the U.S. federal system:Some powers are given to the federal governmentSome powers are given to the state governmentsSome powers are sharedSome powers are given to neither government
11Fiscal PolicyGovernment decisions taken with regard to taxing and spending money that is made in order to achieve economic goals
12Gilded AgePeriod of rapid wealth accumulation by entrepreneurs from approximately the 1870’s-1890’sEconomic, industrial, population, & territorial expansionTerm coined by Mark TwainUnbalance of wealthShallow worship of wealthSharp division in social classes
13HoovervillesCommunities of hastily built makeshift shelters often constructed by people evicted during the Great DepressionDerisively named after President Herbert Hoover
14Human Characteristics of a Place Those features of a place that are the result of human activityPlaces vary innature of their populationspopulation densitiesethnic makeup of the peoplelanguages most commonly founddominant religionsforms of economic, social, and political organization
15InflationA rise in the general level of prices in an economy
16InvestmentUse 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 forceExamplesA restaurant buys new stoves in which to bake breadAn individual buys tools to make some repairsA school buys new computers and textbooks
17Laissez FaireThe practice of letting people do as they please without interference or directionIn 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 controlAs a leadership style, pertains to a type of leadership where the leader lets those under his authority do as they please without interferenceIdea that government should not interfere in the economy
18Majority RuleA pattern of decision making where decisions are made by vote and a decision requires the support of more than half of those voting
19Manifest DestinyA 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.
20Monetary PolicyActions taken in an economy to control the total money supply in order to promote economic growth or price stabilityIn the U.S. it is exercised by the Federal Reserve Bank which strives to exercise control of the money supplychanging reserve requirements in member bankschanging discount ratesthe rate of interest at which it loans its money to member banksbuying and selling government securities
21NativismPolitical movement characterized by anti-immigrant sentiment favoring the interests of native-born people over foreign-born people
22Natural 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
23Place Term used by geographers to describe an area Physical features or characteristics (see next slide)Human features or characteristics
24Place Physical features or characteristics Climate, soil, landforms, plant life, animal life, bodies of waterResulting from geological, hydrological, atmospheric, and biological processes
25Primary SourcesFirsthand information about people or events, used by historians to reconstruct and interpret the pastOfficial documentsLaws, public speechesEyewitness accountsDiaries, letters, autobiographiesVisual evidenceNews photographs, videotapesArtifactsManmade objects of people in the pastStatue, tool, everyday itemJust 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.
26ProfitThe difference between total revenue and total cost of a business
27ProgressivesEarly 20th century reformers seeking to return the government to the people and correct injustices
28RadicalsGroup or groups of people that favor fundamental changes from the present
29Region An area of the world that has similar, unifying characteristics PhysicalTypes of terrainPlains, mountains, deserts, etc.RainfallDesert, rain forest, etc.Soil typeSandy, rocky, clay, etc.Human and culturalPolitical boundariesCities, counties, states, countries, continents, etc.How land is usedBusiness district, ranch, cotton-producing region, etc.Dominant religion of people
30Rust BeltRegion in the northeast and Midwest where heavy industry and population has declined since the 1970’s
31Saving To withhold a portion of current income from consumption. Example: individuals deposit savings in banksBanks use money to loan to those who wish to buy capital goods or other resources
32Secondary SourcesSources created by someone who did not actually witness eventsConstructed by historians who have used primary sources and/or secondary sources in the process to reconstruct and interpret the pastNews articlesBiographiesHistories and history textbooks
33Separation of PowersThe division of powers among different branches of government within a political system
34Steel BeltA region in the United States where most of the heavy industry was once located
35Suburbia (Suburbs)Residential towns that grow on the outskirts of major cities
36Sun BeltRegion in the Southeast and southwest which experienced heavy population and business growth since the 1970’s
37SupplyThe 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.