Social Studies 7-12 PACT Study Guide, 823 Q&A, 2024.
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Course
Social Studies 7-12 PACT
Institution
Social Studies 7-12 PACT
Social Studies 7-12 PACT Study Guide, 823 Q&A, 2024.
Free Trade
the ability for one country to trade with another without hindrance so that all goods can be produced with the greatest efficiency
Sole Proprietorships
a business where a single person acts as the owner and operator of the busine...
Social Studies 7-12 PACT Study Guide, 823
Q&A, 2024.
Free Trade
the ability for one country to trade with another without hindrance so that all goods can be produced
with the greatest efficiency
Sole Proprietorships
a business where a single person acts as the owner and operator of the business with no distinction
between the person and the business
Comparative Advantage
the ability to produce a good at a lower opportunity cost than another producer
Market
a space in which goods are exchanged
Perceived Value
how desirable a product is to the consumer
Law of Demand
as the price of a good increases, the less quantity of the good will be demanded
Price Controls
A maximum price set by the government allowed to be charged for a particular good
Tariff
a tax placed on a specific type of imported or exported good
Factor Market
a market in which the factors of production are bought and sold. (labor market)
Absolute Advantage
The ability of an entity to produce more of a good or service than another entity using the same amount
of resources
Monopoly
A market where one firm controls the price, production, and supply of a good
Means of Production
,The non-human resources used to produce goods in an economy
Oligopoly
A market where only a few sellers are present
Cost-Benefit Analysis
Consideration of what one gains and loses from a set of economic choices
Interdependence of Economies
all economies require each other to function
Economies of Scale
a reduction in the price of per-unit production resulting from producing more at once (buying raw
materials in bulk)
Mixed Economy
a market economy with varying levels of government intervention
Opportunity Cost
The cost of the next best opportunity a person gives up when they make an economic choice
Communism
A political theory and economic system in which all property is publicly owned and each person works
and is paid according to their abilities and needs.
Factors of Production
The determinants of when and where economic activity can and most likely will occur: land, labor,
capital, and entrepreneurship
Traditional Economy
An economy where goods are produced mainly for consumption by one's own family and traded or
bartered in only the most basic ways
Scarcity
In Economics, the fact that there are not enough resources to fulfill all human needs and desires
Law of Supply
as the price of a good increases, a greater quantity of the good will be supplied
Trade
the exchange of products for money between entities
Slopes
,the rates at which the curves increase or decrease
Surplus
when the quantity supplied is greater than the quantity desired
Trade Barriers
obstacles to trade (government regulations)
Elasticity
the ease with which a supply or demand slope is able to vary (High Elasticity: Lattes - If the price
doubled, people would buy a different caffeinated drink.
Low Elasticity: Diapers - Even if the cost of diapers were to double, people would still buy diapers.)
Equilibrium (of a Market)
when the quantity supplied is equal to the quantity demanded
Disequilibrium (of a Market)
when either the quantity supplied or the quantity desired exceeds the other
Market Economy
An economic system where decisions about production, consumption and investment are guided by the
price of goods and services, which are determined the laws of supply and demand. (Capitalism)
Supply
The quantity of a good produced at a given time in an economy
Subsidies
Government payments to an industry to reduce costs or create false demand
Command Economy
government controls the economy, determining what should be produced and how much should be
produced. This type of economy is most closely associated with communism.
Monopolistic Competition
A market where many firms are present and the distinction of the products results in increased prices
that drives innovation. (The market of video games - each video game is distinct, but can be used as a
substitute for another.)
Specialization of Labor / Division of Labor
A tendency for groups to focus and work on (specialize) wherever they can make the best product at the
highest revenue (comparative advantage) and use trade to acquire other products
Demand
, The quantity of a good that consumers desire to purchase at a given time in an economy
Specialization
A tendency for groups to focus and work on (specialize) wherever they can make the best product at the
highest revenue (comparative advantage) and use trade to acquire other products
Pure Competition
A market where products are almost exactly the same and there are infinite competitors. (Market for a
morgage).
Partnerships
a business run by at least two people, who may then employ others to assist in the operation of the
business
Deficit
when the quantity demanded exceeds the quantity supplied
Corporations
a business operated by multiple parties that are legally entitled to operate as a single entity for the
purpose of doing business. It is usually run by a board of directors
Trade Cap
A limit to the amount of a good that can be imported or exported
Tax
A contribution to federal or state funds required for individuals or businesses
Trough
the end of a contraction period and beginning of the next expansion
Surplus Spending
A budget situation where expenditure is less than revenue
Frictional Unemployment
a type of unemployment that encompasses workers who have left one job and are in the process of
finding another
Balanced Budget
A budget situation where expenditure is equal to revenue
Treasury Securities / Bonds
purchasing government debt
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