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TEXES-Social Studies Exam Questions and Answers 100% Pass Opportunity costs - Loss of potential gain from other alernatives when one alternative is chosen Scarcity - Unlimited wants but limited resources Circular flow model - Defines the interactions & similarity between the households and the ...

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  • January 10, 2025
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • TEXES Social Studies
  • TEXES Social Studies
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EmilyCharlene
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TEXES-Social Studies Exam Questions
and Answers 100% Pass

Opportunity costs - ✔✔Loss of potential gain from other alernatives when one alternative is chosen


Scarcity - ✔✔Unlimited wants but limited resources


Circular flow model - ✔✔Defines the interactions & similarity between the households and the firms in

the free market


Capitalism - ✔✔Economic and political system in which a country's trade and industry are controlled by

private owners for profit, rather than by the state


Socialism - ✔✔Political and economic theory of social organization that the means of production,

distribution and exchange should be owned or regulated by the community as a whole


Communism - ✔✔All property is publicly owned and each person works and is paid according to their

abilities and needs


John Maynard Keynes - ✔✔To stabilize the economy is to stabilize the price level and that to do that the

government central bank must lower interest rates when prices tend to rise and raise them when prices

tend to fall


Adam Smith - ✔✔Explanation of how rational self-interest in a free-market economy leads to economic

well being




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Free enterprise - ✔✔Economic system in which private business operates in competition and largely free

of state control


Pure competition - ✔✔Products are identical; no company has an advantage


Monopolistic competition - ✔✔Many competitors but each one sells a slightly different product


Oligopoly - ✔✔State of limited competition


Monopoly - ✔✔There is only one producer/seller for a product


Absolute advantage in trade - ✔✔Can produce a good for a lower costs than another


Comparative advantage - ✔✔Country should specialize in producing and exporting only those goods

and services which it can produce more efficiently than other goods and services


Profit motive - ✔✔Chance of generating a surplus of revenue over all costs the reason most people start

and stay in a business


Voluntary exchange - ✔✔Free exchange of goods and services between buyers and sellers in some sort of

marketplace


Sole proprietorship - ✔✔A person who owns the business and is responsible for the debt


Federal Reserve System - ✔✔Central banking system of the US


Functions of the Fed - ✔✔Monetary policy, banking supervision & financial services


Inflation - ✔✔Increase prices, decrease purchasing value of money


Deflation - ✔✔Prices decrease


Copernicus - ✔✔Discovered the sun was at the center of the universe


Heliocentric - ✔✔Sun is at that center of the universe



Emily Charlene © 2025, All Rights Reserved.

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