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Chapter 6

Social Studies: Economics in History

TermDefinition
business cycle a repeating pattern of economic activity consisting of an expansion phase and a contraction phase
contraction a shrinking of the economy
depression a severe low phase in the economy that lasts a long time
expansion the process of making something larger
Gross Domestic Product GDP; the total market value of goods and services produced by a country in a single year
peak a high point in the economy
recession an economic downturn in which business activity slows, unemployment rises and investment decreases
trough the low point of the economy
Great Depression the very severe trough in the business cycle that occurred in the 1930's
corollary the conclusion or a follow-up
imperialism the policy of a nation's ruling over a foreign land
industrialization the changing of a country's economy so it is based on industry
main idea the most important information in a paragraph or text
monopoly a control over a service or product by one business
analyze to break information into parts
Digital Revolution the period beginning about 1980 when digital computer technology has been growing very quickly, changing the way businesses and the economy are run
Transportation Revolution the period during the 1800's and early 1900's when steam engines were developed and new trade routes were established, enabling large quantities of goods to be moved around the world
Scientific Revolution the period from the late 1500's to the early 1600's during which scientific knowledge grew rapidly
fundamental basic or essential
era a period of time
revolution the removal of one government or ruler and replacement with another; a dramatic change or upheaval
theory a general statement that explains facts observed by scientists
Created by: rcaldwell1
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