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34 Cards in this Set

  • Front
  • Back
What are 2 ways you can become an american citizen?
by birth or foreigners who choose to become ctizens
What amendment deals with how to become an american citizen?
14th amendment
Why did the US find it necessary to add this amendment to the constitution?
To establish ways to become a citizen
What is the fastest growing ethnic group in the US?
What famous statue in NY tells the world to "give us your tired,poor,huddled masses yearning to be free?"
Statue of Liberty
What is demand?
the desire, willingness, and ability to buy a good or service
List 5 factors that can change market demand
more consumers, income, tastes,expectations (of consumers, and prices
What is elastic demand?
When the price changes, demand changes
What is inelastic demand?
When the price changes, demand stays the same
What is sole proprietorship?
a buisness owned and operated by one person
What is partnership?
a buisness owned and operated by 2 or more people
What is a corporation?
type of buisness owned by many people but treated by law as though it were a person
What is a monopoly?
a sole provider of a good or service
What 2 powerful monopolies were broken?
Standard oil and AT&T
Give 2 ex. of natural monopolies and explain why the government allows them
electric and gas;the cost of production is minimized
What is a merger?
a combination of 2 or more companies to form a single buisness
What does FDA stand for and what does it do?
The Food and Drug Administraton deals with purity, effectiveness, and labeling on food, drugs, and cosmetics
____ is the money a buisness recevies for its products or services over and above its costs
____ is the degree to which resources are used efficiently to produce goods and services
Usually, _____ is restricted when government regulations get tighter
What is a product recall and why do they occur?
a compan pulls a product off the market because it is unsafe
Explain GDP
GDP is the measure of the economy's output
What is a buisness cycle?
periods of growth and decline
What is recession?
naton's output doesn't grow for 6 months
What is expansion?
economic activity increases
What is fiscal policy?
changes in government spending or tax policy
What is inflation?
sustained increase in the general level of prices
What is dividend?
a share of the corporation's profits that are distributed to shareholders
What is capital gain?
stocks can be sold for more than it originally cost to buy
What is the stock market or stock exchange?
specific location where shares stock are sold and bought
Explain Bull markets and Bear markets
Bull markets stock prices tend to rise because of high profits. Bear markets stock prices could fall drastically
What was the great depression and when did it occur?
stock markets and banks crashed which resulted in a worldwide depression in the 1930's
Who was president during most of the Great Depression?
Who was president when the Great Depression began?