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| social science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources |
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| basic requirement for survival; includes food, clothing, and/or shelter. |
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| way of expressing or communicating a need; a broader clarification of needs |
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| productive resources that make up the four categories of land, capital, labor, and entrepreneurship. |
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| process of creating goods and services with the combined use of land, capital, labor, and entrepreneurship. |
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| GDP-Gross Domestic Product |
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| dollar value of all final goods, services, and structures produced within a country’s national borders during a one-year period. |
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| fundamental economic problem facing all societies that results from a combination of scarce resources and people’s virtually unlimited wants. |
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| money used to buy the tools and equipment used in production |
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| tools, equipment, and factories used in the production of goods and services |
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| people with all their abilities and efforts, which does not include the entrepreneur |
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| natural resources or “gifts of nature” not created by human effort |
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| risk-taking individual in search of profits; one of four factors of production. |
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| good or service that is useful, relatively scarce, and transferable to others |
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| tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs. |
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| good intended for final use by consumers rather than businesses. |
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| tool, equipment, or other manufactured good used to produce other goods and services; a factor of production |
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| work or labor performed for someone |
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| worth of a good or service as determined by the market |
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| apparent contradiction between the high value of non-essentials and low value of essentials . |
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| ability or capacity of a good or service to be useful and give satisfaction to someone |
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| sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services |
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| meeting place or mechanism allowing buyers and sellers of an economic product to come together; may be local, regional, national, or global. |
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| market where productive resources are bought and sold. |
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| market where goods and services are offered for sale |
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| sustained period during which a nation’s total output of goods and services increases |
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| degree to which productive resources are used efficiently; normally refers to labor, but can apply to all factors of production |
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| division of work into a number of separate tasks to be performed by different workers; same as specialization |
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| assignment of tasks so that each worker performs fewer functions more frequently |
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| sum of peoples’ skills, abilities, health, and motivation |
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| economic activities in one part of the country or world affect what happens elsewhere |
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| Economic system in which private citizens own and use the factors of production in order to generate profits. |
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| economy in which competition is allowed to flourish with a minimum of government interference; term used to describe the American econonomy. |
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| act of buyers and sellers freely and willingly engaging in market transaction; characteristic of capitalism and free enterprise. |
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| fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property. |
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| extent to which persons or organizations are better off at the end of a period than they were at the beginning; usually measured in dollars. |
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| driving force that encourages people and organizations to improve their material well being; characteristic of capitalism and free enterprise |
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| the struggle among sellers to attact consumers while lowering costs |
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| role of consumer as ruler of the market when determining the type of goods and services produced. |
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| free enterprise system with some government involvment |
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| What were two main reasons England industrialized before other countries? |
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Definition
Navigable rivers and natural harbors
Had greater political stability |
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| What was a significant outcome of the enclosure movement in England? |
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Definition
The movement of poor farmers from
into the cities |
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Term
| What resulted from Louis Pasteur’s work with Bacteria? |
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Definition
| better standards for public health |
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| James Watt’s experimentation with stream engines changed this the most. |
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| moving freight (transportation of products and people) |
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| What was the primary reason that so many people moved to the cities during the Industrial Revolution? |
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Definition
| to take advantage of the economic opportunities (jobs) |
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| Which are the three main components required for production in the Industrial Revolution? Also known as the factors of production. |
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Definition
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| How did the British government respond/view the rise of trade unions? |
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Definition
| it saw them as a threat to social stability |
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| What statement would a critic of capitalism have made during the Industrial Revolution? |
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Definition
| Business owners get rich while workers remain poor |
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| What are the three main components needed for production--also known as the factors of production. |
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| What concept from the U.S. constitution have influenced many countries around the world? |
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| The idea that people can self-govern and preserve freedom for it's people. |
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| What idea did Karl Marx create where the workers would bring about a revolution and seize ownership of property to be shared by everyone? |
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Definition
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| What geographical advantage did England have over other countries in order to industrialize first? |
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Definition
| navigable rivers and natural harbors |
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| What invention had the biggest impact on the transportation of freight (goods,cargo)? |
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Definition
| The steam engine (created by James Watt). |
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| What is one of the main similarities between the American Declaration of Independence and the U.S. Bill of rights? |
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Definition
| Both outline the rights people should have. |
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| an economic system based on private ownership and on the investment of money in business ventures in order to make a profit. |
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| an economic system in which all means of production--land, mines, factories, railroads, and businesses--are owned by the people, private property does not exist, and all goods and services are shared equally. |
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| What country controlled India? |
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| The seizure of a country or territory by a stronger country. Also controlling the political, economic, and social life of the weaker country. |
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| Berlin Conference of 1884-85 |
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| Conference establishing rules for the division of Africa by European nations. |
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| Who was the philosopher that stated that government is granted power by the people. |
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| Triple Entente (1907 alliance- pre WWI) |
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Definition
| Great Britain, France, and Russia |
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| What region had a long history of ethnic disputes and nationalism and was known as the "powder keg" of Europe? (Think pre WWI, Austria-Hungrary and Serbia |
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| a form of warfare in which opposing armies fight each other from trenches dug in the battlefield. |
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Definition
The German strategy in World War I to capture
Paris, France and then defeat Russia |
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| What two major events pushed the United States into World War I |
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Definition
| Unrestricted submarine warfare on American ships and the Zimmerman Note. |
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| What event pulled Russia out of World War I? |
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Definition
| The Russian Revolution caused Russia to leave the war. |
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| When a country devotes all their resources to the war effort. |
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| What group of people did the Ottoman Empire target for mass killings (genocide)? |
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Definition
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| What country had to take complete responsibility for World War I (Treaty of Versailles)? |
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| What organization did the United States not join because they feared it would cause them to go to war in the future? |
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Definition
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| Which Revolution did not establish a stable constitutional government--American Revolution or French Revolution? |
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Definition
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| What event did people establish that they had power over the king of France by creating a constitution? |
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| What countries were created after WWI from the empire of Austria-Hungary? |
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Definition
| Czechoslovakia,Yugoslavia, Austria, and Hungary,. |
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| This Soviet plan was created to increase economic development |
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Definition
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| What do totalitarian states (ex.Fascism and Communism) stress? |
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Definition
| Nationalism (state before the individual) |
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| Under Lenin, the Russia became what type of government? |
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Definition
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| What policy did Britain and France adopt for dealing with Hitler? |
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Definition
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| Which European country was Germany unable to defeat because their air force was able to defeat the German Luftwaffe(air force)? |
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Definition
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| What grew because of the Industrial Revolution? |
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Definition
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| Why did European countries feel they had the right to colonize territory in Africa and Asia? |
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| Where all citizens have the right to vote on laws vs. representatives. |
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| Who created the idea of a "social contract" where people had the right to overthrow their government if they did not protect their rights. |
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