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GED Social Studies Test |Study terms & Quizzes with 100% Correct Verified Answers
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GED Social Studies Test |Study terms & Quizzes with 100% Correct Verified Answers
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GED Social Studies Test |Study terms &Quizzes with 100% Correct Verified Answers
Economics - ✔✔study of how a society meets its needs through the production and
distribution of goods and services
Capitalism - ✔✔system where the means of production and development are
privately owned and traded
Laissez - Faire - ✔✔"to let alone" economic system in which the government does not
interfere with the free market at all
Communism - ✔✔all means of production are owned by the state and the
government has the power
Socialism - ✔✔based on central planning. Many of the largest industries are owned
and operated by the government
Mixed Economy - ✔✔government regulates some aspects of business and offers
some social welfare systems, but the majority of economic decisions are made by
private individuals and companies
Entrepreneurialism - ✔✔practice of taking on the risk of starting personal businesses
in hope of paying off into profits
Supply - ✔✔amount of goods and available at a particular time
, Demand - ✔✔consumers' need for those goods and services
Deflation - ✔✔if more supply than demand, prices FALL
Inflation - ✔✔if more demand than supply, prices RISE
Equilibrium - ✔✔if supply and demand are equal
Import - ✔✔buying goods from another country and bring them back to your own
country for consumption
Export - ✔✔sell goods to another country for consumption in that country
Capital - ✔✔material wealth and the ability to produce wealth
Human Labor - ✔✔the people who produce a given product - the most important
form of capital
Incentives - ✔✔anything that motivates or discourages economic behavior
Opportunity Cost - ✔✔the foregone option when a more advantageous option is
chosen. If you choose between two things, the cost is not choosing the other option
Comparative Advantage - ✔✔ability for a company in a particular country to produce
its product at a lower cost than a company in another country
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