Social Studies 7-12 PACT fully solved 2023/2024

Social Studies 7-12 PACTFree Trade - correct answer the ability for one country to trade with another without hindrance so that all goods can be produced with the greatest efficiency Sole Proprietorships - correct answer a business where a single person acts as the owner and operator of the business with no distinction between the person and the business Comparative Advantage - correct answer the ability to produce a good at a lower opportunity cost than another producer Market - correct answer a space in which goods are exchanged Perceived Value - correct answer how desirable a product is to the consumer Law of Demand - correct answer as the price of a good increases, the less quantity of the good will be demanded Price Controls - correct answer A maximum price set by the government allowed to be charged for a particular good Tariff - correct answer a tax placed on a specific type of imported or exported good Factor Market - correct answer a market in which the factors of production are bought and sold. (labor market) Absolute Advantage - correct answer The ability of an entity to produce more of a good or service than another entity using the same amount of resources Monopoly - correct answer A market where one firm controls the price, production, and supply of a good Means of Production - correct answer The non-human resources used to produce goods in an economy Oligopoly - correct answer A market where only a few sellers are present Cost-Benefit Analysis - correct answer Consideration of what one gains and loses from a set of economic choices Interdependence of Economies - correct answer all economies require each other to function Economies of Scale - correct answer a reduction in the price of per-unit production resulting from producing more at once (buying raw materials in bulk) Mixed Economy - correct answer a market economy with varying levels of government intervention Opportunity Cost - correct answer The cost of the next best opportunity a person gives up when they make an economic choice Communism - correct answer A political theory and economic system in which all property is publicly owned and each person works and is paid according to their abilities and needs. Factors of Production - correct answer The determinants of when and where economic activity can and most likely will occur: land, labor, capital, and entrepreneurship Traditional Economy - correct answer An economy where goods are produced mainly for consumption by one's own family and traded or bartered in only the most basic ways Scarcity - correct answer In Economics, the fact that there are not enough resources to fulfill all human needs and desires