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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 – 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 people’s 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 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 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 – • Rainfall – • Desert, rain forest, etc. Soil type – – Plains, mountains, deserts, etc. Sandy, rocky, clay, etc. Human and cultural • Political boundaries – • How land is used – • Cities, counties, states, countries, continents, etc. Business district, ranch, cotton-producing region, etc. Dominant religion of people Rust Belt • Region in the northeast and Midwest where heavy industry and population has declined since the 1970’s 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 1970’s 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.