TEXES-Social Studies Exam Questions Correct Answers New Update (100% Pass)
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TEXES-Social Studies
TEXES-Social Studies Exam Questions Correct Answers New Update (100% Pass)
Opportunity costs - Answers -Loss of potential gain from other alernatives when one alternative is chosen
Scarcity - Answers -Unlimited wants but limited resources
Circular flow model - Answers -Defines the interact...
TEXES-Social Studies Exam Questions
Correct Answers New Update (100%
Pass)
Opportunity costs - Answers -Loss of potential gain from other alernatives when one
alternative is chosen
Scarcity - Answers -Unlimited wants but limited resources
Circular flow model - Answers -Defines the interactions & similarity between the
households and the firms in the free market
Capitalism - Answers -Economic and political system in which a country's trade and
industry are controlled by private owners for profit, rather than by the state
Socialism - Answers -Political and economic theory of social organization that the
means of production, distribution and exchange should be owned or regulated by the
community as a whole
Communism - Answers -All property is publicly owned and each person works and is
paid according to their abilities and needs
John Maynard Keynes - Answers -To stabilize the economy is to stabilize the price level
and that to do that the government central bank must lower interest rates when prices
tend to rise and raise them when prices tend to fall
Adam Smith - Answers -Explanation of how rational self-interest in a free-market
economy leads to economic well being
Free enterprise - Answers -Economic system in which private business operates in
competition and largely free of state control
Pure competition - Answers -Products are identical; no company has an advantage
Monopolistic competition - Answers -Many competitors but each one sells a slightly
different product
Oligopoly - Answers -State of limited competition
Monopoly - Answers -There is only one producer/seller for a product
Absolute advantage in trade - Answers -Can produce a good for a lower costs than
another
, Comparative advantage - Answers -Country should specialize in producing and
exporting only those goods and services which it can produce more efficiently than
other goods and services
Profit motive - Answers -Chance of generating a surplus of revenue over all costs the
reason most people start and stay in a business
Voluntary exchange - Answers -Free exchange of goods and services between buyers
and sellers in some sort of marketplace
Sole proprietorship - Answers -A person who owns the business and is responsible for
the debt
Federal Reserve System - Answers -Central banking system of the US
Functions of the Fed - Answers -Monetary policy, banking supervision & financial
services
Inflation - Answers -Increase prices, decrease purchasing value of money
Deflation - Answers -Prices decrease
Copernicus - Answers -Discovered the sun was at the center of the universe
Heliocentric - Answers -Sun is at that center of the universe
Galileo - Answers -Accused of heresy
Isaac Newton - Answers -Laws of gravity
Marie Curie - Answers -Research on radioactivity
Mayflower Compact - Answers -First written framework
Sociology - Answers -Family, education, government, religion and economy
Demand - Answers -Good or service that buyers are willing and able to pay for
Market equilibrium - Answers -Demand and supply curve intersect
Gross domestic product - Answers -Measures the size of an economy
Rule of law - Answers -Law applies to the government as well
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