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Virginia SOL Virginia and US History test: important concepts: Difference between revisions
Virginia SOL Virginia and US History test: important concepts (view source)
Revision as of 16:37, 15 June 2022
, 15 June 2022→Political Theory
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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 | |||
| | | | ||
* 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 | ||
***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 | |||