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Virginia SOL Virginia and US History test: important concepts: Difference between revisions

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* declared equality of men
* declared equality of men
* denied the need for a king
* denied the need for a king
* argued for independence from Britain
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* convinced the people that the colonies should declare independence from England
* convinced the people that the colonies should declare independence from England
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* Federalism
* Federalism
*Judicial review
*Judicial review
**"Marbury v. Madison
**'''John Marshall''' of Virginia
**John Marshall
***was Chief Justice of the Supreme Court
***he created the idea of "'''judicial review'''" in the case, "'''Marbury v. Madison'''"


== Expansion, Reform, Civil War, and Reconstruction ==
== Expansion, Reform, Civil War, and Reconstruction ==
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== Geography ==
see other Virginia SOL study pages here at this page list
== Civics and Economics ==
=== Supply & Demand ===
* supply = things or people available
* demand = things or services that people want
{| class="wikitable"
|+
!Situation
!Supply
!Demand
!Prices
|-
|Demand up
|up
|n/a
|up
|-
|Supply up
|n/a
|up
|down
|-
|Supply & Demand up
|n/a
|n/a
|stay the same
|-
|Prices up
|up
|down
|n/a
|-
|Prices down
|down
|up
|n/a
|}
=== Economics vocabulary ===
* bank failure = when a bank does not have enough money to "cover" or pay back all of its customer deposits
** bank failures occur when banks have used people's deposits to make loans, and those loans go unpaid
*** which leaves the bank unable to "cover" those deposits
* boom / bust periods
** boom = periods of economic growth
** bust = periods of economic decline, such as
*** recession = mild decrease in the economy
*** depression
* business cycle = the ups and downs of markets and the economy in general
* GDP = "gross domestic product"
** = the total value of economic transactions in a country over a year
* markets = any category of economic activity, such as
** oil market = business activity regarding petroleum (drilling, refining, selling oil, gasoline, etc.)
** stock market = a market to buy and sell "stlocks" or "shares" (ownership) in a company
* profit & loss = money gained or lost in economic transactions
* speculation = risky investments or economic activity in hopes of making a large profit
** over-speculation = a time when too many people are taking risks, so prices and/or markets collapse (go down)
* tariff = a tax on imported or exported goods