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 a recession or depression followed by a period of economic growth, and so on

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

capital goods

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

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
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 peoples representatives

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

Gilded Age
Period of rapid wealth accumulation by entrepreneurs from approximately the 1870s-1890s Economic, industrial, population, & territorial expansion Term coined by Mark Twain
Unbalance of wealth Shallow worship of wealth Sharp division in social classes

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

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
A rise in the general level of prices in an economy

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

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
Term used by geographers to describe an area
Physical features or characteristics
(see next slide)

Human features or characteristics

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
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
The difference between total revenue and total cost of a business

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

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

Region
An area of the world that has similar, unifying characteristics
Physical
Types of terrain
Plains, mountains, deserts, etc.

Rainfall

Desert, rain forest, etc.

Sandy, rocky, clay, etc.

Soil type

Human and cultural

Political boundaries

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

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

How land is used Dominant religion of people

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

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

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

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.