MTTC 105 Elementary/Middle School Social Studies Exam | Questions And Answers
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competition - a condition where different economic firms seek to obtain a share of a limited good by
varying the elements of the marketing mix; price, product, promotion, place
Specialization - when a nation or individual concentrates its productive efforts on producing a limited
variety of goods
Recession - a business cycle contraction where there is a general decline in economic activity;
a period of temporary economic decline during which trade and industrial activity are reduced, generally
identified by a fall in GDP in two successive quarters.
comparative advantage - The ability of a country to produce a good at a lower cost than another country
can;
The ability of an individual or group to carry out a particular economic activity more efficiently than
another activity
federal system - A government that divides the powers of government between the national
government and state or provincial governments
Federeal Reserve System - The central bank of the US. It was created to by congress to provide the
nation with a safer, more flexible, and more stable monetary and financial system
6 functions of the FED - 1. Clearing Checks
2. Acting as Government Fiscal Agent
3. Supervising Member Banks
4. Regulate Money Supply
5. Supply Power Currency
6. Setting Reserve Requirements
,Separation of Powers - An act of vesting the legislative, executive, and judicial powers of government in
separate bodies.
Checks and Balances - Counterbalancing influences by which an organization or system is regulated,
typically those ensuring that political power is not concentrated in the hands of individuals or groups.
Limited Government - government structure in which government actions are limited by law;
Concept of a government limited in power
Emerging Economy - developing or transitioning economies sustaining high rates of economic growth
Market Economy - type of economic system based on private ownership of property, freedom of
enterprise, self interest, and the profit motive
mixed market economy - a market economy with limited government intervention
Mixed Market Economy - market economy with limited government intervention
Oligopoly - a state of limited competition, in which a market is shared by a small number of producers or
sellers;
market structure with a small number of firms, none of which can keep the others from having
significant influence. This includes two or more firms.
Monopoly - A market in which there are many buyers but only one seller;
Market structure characterized by a single seller, selling a unique product in the market
Pure Competition - the market situation in which there are many buyers and sellers of a product, and no
single buyer or seller is powerful enough to affect the price of that product;
, Marketing situation in which there are a large number of sellers of a product with cannot be
differentiated and no one firm has a significant cannot influence on price
Capitalism - Economic system based on open competition in a free market, in which individuals and
companies own the means of production and operate for profit
Communism - A political and economic system where factors of production are collectively owned and
directed by the state.
Developing Economy - Economy with low levels of per capital income
Popular Sovereignty - the principle that the authority of a state and its government is created and
sustained by the consent of its people, through their elected representatives (Rule by the People), who
are the source of all political power.
Judicial Review - review by the US Supreme Court of the constitutional validity of a legislative act.
Gross Domestic Product - the total value of goods produced and services provided in a country during
one year.
Consumer Price Index - an index of the variation in prices paid by typical consumers for retail goods and
other items.
National Income - the total amount of money earned within a country;
Total market value of production in a country's economy during a year
Unemployment - Measures the number of people who are able to work, but do not have a job during a
period of time;
State of being unemployed.
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