Social Studies Terminology Final Exam Study Guide

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1 Social Studies Terminology Final Exam Study Guide Words Embargo Market Economy Oligarchy autocratic Democracy Natural Resources Command Economy Traditional Economy Specialization Unitary Confederation Federal Physical capital Imports Nationalism Judicial branch Executive Branch Tariffs Gross Domestic Product Literacy Rate Legislative Branch Opportunity cost Human Capital Currency Trade Exchange Rate Service Professions Quota Entrepreneur Exports Definitions 1. a government order stopping trade with another country 2. consumers & businesses make economic decisions 3. small group of people with wealth or power 4. one leader holds all power, citizens have NO power. 5. the citizens hold the power by electing officials to represent them 6. gifts of nature (example: fertile soil) 7. government controls economy 8. traditions of the people help control economy 9. specializing in certain areas 10. all of the power goes to central government 11. loose alliance of countries or smaller political units 12. power is divided between the central government and smaller political units 13. the factories, machines, technologies, buildings, and property needed for a business to operate 14. goods purchased from other countries 15. the love of one s country 16. interprets the laws 17. enforces the laws 18. a tax on imports 19. the total value of all the goods and services produced in a country in one year 20. number of people who can read and write 21. writes the laws 22. the value of what is given up when a choice is made 23. workers who are educated, healthy, and trained; use of this resource allows businesses and countries to be successful 24. the money people use to make trade easier 25. the voluntary exchange of goods and services among people and countries 26. converting currencies from one country to another 27. jobs that involve providing services to people rather than products 28. a specific limit placed on the number of imports that may enter a country 29. a person who starts a business 30. goods sold to other countries

2 Traditional economy unitary oligarchy Command economy autocratic Judicial branch gross domestic product Executive branch service professions imports confederation nationalism literacy rate embargo exports Market economy physical capital democracy specialization federal quota trade Legislative branch currency human capital Opportunity cost Exchange rate natural resources tariff entrepreneur Traditional economy unitary oligarchy Command economy autocratic Judicial branch gross domestic product Executive branch service professions imports confederation nationalism literacy rate embargo exports Market economy physical capital democracy specialization federal quota trade Legislative branch currency human capital Opportunity cost Exchange rate natural resources tariff entrepreneur Traditional economy unitary oligarchy Command economy autocratic Judicial branch gross domestic product Executive branch service professions imports confederation nationalism literacy rate embargo exports Market economy physical capital democracy specialization federal quota trade Legislative branch currency human capital Opportunity cost Exchange rate natural resources tariff entrepreneur

3 Social Studies Terminology Final Exam Study Guide Answers Words embargo Market economy oligarchy autocratic democracy Natural resources Command economy Traditional economy specialization Unitary Confederation federal Physical capital imports nationalism Judicial branch Executive branch tariff Gross domestic product Literacy rate Legislative branch Opportunity cost Human capital currency trade Exchange rate Service professions quota entrepreneur exports Definitions 1. a government order stopping trade with another country 2. consumers & businesses make economic decisions 3. small group of people with wealth or power 4. one leader holds all power, citizens have NO power. 5. the citizens hold the power by electing officials to represent them 6. gifts of nature (example: fertile soil) 7. government controls economy 8. traditions of the people help control economy 9. specializing in certain areas 10. all of the power goes to central government 11. loose alliance of countries or smaller political units 12. power is divided between the central government and smaller political units 13. the factories, machines, technologies, buildings, and property needed for a business to operate 14. goods purchased from other countries 15. the love of one s country 16. interprets the laws 17. enforces the laws 18. a tax on imports 19. the total value of all the goods and services produced in a country in one year 20. percentage of people over the age of 15 who can read and write 21. writes the laws 22. the value of what is given up when a choice is made 23. workers who are educated, healthy, and trained; use of this resource allows businesses and countries to be successful 24. the money people use to make trade easier 25. the voluntary exchange of goods and services among people and countries 26. converting currencies from one country to another 27. jobs that involve providing services to people rather than products 28. a specific limit placed on the number of imports that may enter a country 29. a person who starts a business 30. goods sold to other countries

4 FINAL EXAM 1. Goods sold to other countries a. Imports b. exports c. quota 2. A person who starts a business a. Service professionals b. entrepreneur c. human capital 3. A specific limit placed on the number of imports that may enter a country a. Quota b. exports c. imports 4. Jobs that involve providing services to people rather than products a. Human capital b. entrepreneur c. service professions 5. Converting currencies from one country to another a. Trade b. exchange rate c. quota 6. The voluntary exchange of goods and services among people and countries a. Trade b. exchange rate c. imports 7. The money people use to make trade easier a. Currency b. exchange rate c. tariff 8. workers who are educated, healthy, and trained; use of this resource allows businesses and countries to be successful a. entrepreneur b. human capital c. service professions 9. the value of what is given up when a choice is made a. Opportunity cost b. currency c. trade 10. Writes the laws a. Executive branch b. legislative branch c. judicial branch

5 11. percentage of people over the age of 15 who can read and write a. literacy rate b. human capital c. entrepreneur 12. the total value of all the goods and services produced in a country in one year a. imports b. exports c. GDP 13. tax on imports a. embargo b. tariff c. quota 14. enforces the laws a. executive branch b. judicial branch c. legislative branch 15. interprets the laws a. executive branch b. judicial branch c. legislative branch 16. the love of one s country a. nationalism b. opportunity cost c. democracy 17. goods purchased from other countries a. imports b. exports c. quota 18. the factories, machines, technologies, buildings, and property needed for a business to operate a. human capital b. physical capital c. nationalism 19. power is divided between the central government and smaller political units a. federal b. unitary c. conferdation 20. loose alliance of countries or smaller political units a. federal b. unitary c. confederation

6 21. all of the power goes to central government a. federal b. unitary c. confederation 22. specializing in certain area a. specialization b. human capital c. physical capital 23. traditions of the people help control economy a. Market economy b. traditional economy c. command economy 24. government controls economy a. Market economy b. traditional economy c. command economy 25. gifts of nature a. natural resources b. physical capital c. specialization 26. the citizens hold the power by electing officials to represent them a. autocratic b. democracy c. oligarchy 27. one leader holds all power, citizens have NO power a. autocratic b. democracy c. oligarchy 28. small group of people with wealth or power a. autocratice b. democracy c. oligarchy 29. consumers & businesses make economic decisions a. traditional economy b. market economy c. command economy 30. a government order stopping trade with another country a. quota b. embargo c. tariff

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