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