Social Studies Semester 2 Final Flashcards
Market economy
An economic system where businesses and property are privately owned. The price and amount of goods traded are based on supply and demand and has little government regulation.
Command economy
Communism. An economic system where property and business are owned by the government. The government makes choices about producing and pricing. The consumers have no choice.
Eminent domain
the government’s right to take private property for public use as long as they pay market price to the owner
Law of Supply
Businesses will provide more products when they can sell them at higher prices. They will provide fewer products when they must sell those goods at lower prices
Law of Demand
Buyers will demand more products when they can buy them at lower prices. They will purchase fewer products when they must purchase them at higher prices.
Property rights
the right to make decisions for an individual’s business or property
What are the three types of businesses?
A sole proprietorship is a business owned by an individual. A partnership is owned by multiple people. A corporation is a business that is separate from the people who own it and legally acts as a single person.
Human and physical capital
Human Capital is the knowledge and skills a person uses to produce goods and services. Physical Capital is the human made goods used to produce other goods and services. The government invests in both types of capital to promote economic growth, stability, and fairness.
Variable Expenses
Variable expenses are expenses that usually change in the amount to be paid each month. Examples include phone, electricity, gasoline, and groceries.
Fixed Expenses
Fixed expenses are expenses that don’t vary in the amount paid each month. Examples include rent, cable, Internet, loan payments, insurance, and car payments.
Entrepreneurs
The founder of a business. Someone who assumes the risk of organizing resources to produce goods and services. Someone who sees an opportunity to make money and takes it.
Renewable Energy
Renewable energy are sources that naturally renew or replenish themselves. These are things such as solar energy, wind energy, geothermal energy, biomass energy, and hydroelectric energy. Geothermal energy is energy from Earth’s heat. Biomass energy is any energy from material that comes from plants, animals, and microorganisms that were recently living. Hydroelectric energy is made by flowing water.
Nonrenewable Energy
Nonrenewable energy is energy that comes from sources that will run out of energy and will not be replenished in our lifetime or even in many, many lifetimes. Most nonrenewable energy sources are fossil fuels, such as coal, petroleum (oil), and natural gas. They can also be nuclear energy or biomass energy (if biomass feedstock plants are not replanted quick enough). Fossil fuels originated from plants and animals that existed millions of years ago. They were formed by high heat and pressure underground.
How are people throughout the world planning ways to fix the issue of plastic in the world’s oceans?
Avoiding one-time use items, increasing funding to developing nations, and developing advanced waste collection methods
Why are people split over the issue of taking oil from ANWR?
Arctic National Wildlife Refuge. Some people believe that we should not take oil from the ANWR. They say we should keep the environment and native animals safe. Others argue that we should so we can become less reliant on other countries, create tens of thousands of jobs, reduce national debt, and gain federal revenues. We could also stop needing to import so much oil and, since our country owns the land, we should be able to decide how it’s used. Additionally, they argue that only eight percent of the ANWR would be considered for exploration.
