Results for "exports"

Silk Road Exports

Chapter 22 exports

3.9 - net exports (aggregate demand)

ECON 215 - Exchange rates, currency appreciation/depreciation, and net exports

Exports

2.2.5 - net exports

3.8 The multiplier model: including government and net exports

6i. Exports and Imports

Exports - UK

Identifying with one's own nations and support of its interests Idea that Nation (people) should be the state (country) Nation People who share a common culture, language, territory, and government 1848 Revolutions Wanted liberal change, heavily influenced by ideas of Enlightenment -Democratic -Nationalistic Italy was divided into multiple kingdoms and city states Northern Italy to rebel and unite under King Victor Emmanuel of Piedmont Sardinia Constitutional monarchy Giuseppe Garibaldi leads Red Shirt rebels in the south Too radical and southern Italians join with northern Kingdom of Piedmont and Sardinia 1871 Italy Fully United Italy becomes united under Constitutional Monarchy Prussia and Austria emerge as two major German powers Otto Von Bismarck Chancellor of Prussia Unite German people under Prussian leadership Realpolitik Politics based on reality not morals 1871 German Empire created Ottoman empire Ruled by Turks Extremely diverse Culturally Ethnically Religiously Ottoman empire Muhammad Ali fights war with Ottomans Tie results in Egypt being independent Selim III tries to modernize and reform based on enlightenment Janissaries resist Balkans independence Russia supports fellow Slavs, Serbia effectively Independent 1815 Western Europe helps the Greeks (nationalism/racism) Greece Independant 1829 Ottoman empire loses territory in Europe and Africa to independence movements Ottoman empire known as “the sick man of Europe” Topic 5.3 Industrial Revolution Begins Thematic Focus - Economics Systems (ECN) As societies develop, they affect and are affected by the ways that they produce, exchange, and consume goods and services. Learning Objective  1 Explain how economic systems transformed during the period of 1750-1900. Historical Developments Summarize industrialization and its impact. (see 5.3 reading guide) Industrialization, the increased mechanization of production, and the Social! changes that accompanied this shift, had their roots in several influences. Such as Increased agricultural production and greater individual accumulation of capital. I reshaped Society, increasing world population, shitting people from farm to city, and expanding the production and consumption of goods Thematic Focus - Humans and the Environment (ENV) The environment shapes human societies, and as populations grow and change, these populations in turn shape their environments. Learning Objective 2 Explain how environmental factors contributed to industrialization from 1750 to 1900. Historical Developments Britain’s Industrial Advantages • Mineral and colonel resources - used resources for fuel and manufacturing  • Good environment - rives made transportation cheap • Strong fleet- let resources from colonies to be brought to Britain shortly  • Growth- farmers growing more food meant fewer people had to grow their own • End enclosure movement- The government stopped providing farmland which made people move to urban places  Describe the features of the Cottage Industry • It's a pull-out system • Merchants proved cotton to women who spun it into finished cotton at home • Cotton industries gave women independence •  The cotton industry was slow so people demanded faster processes, due to people wanting faster process it led to faster machinery  Explain the development of the factory system and how it relates to specialization of labor.  The factory system used special machinery was also a new way of making products, it increased efficiency and reduced the need for manual labor. It was similar to specialisation of labor the increase efficiency and productivity in production Topic 5.5 Technology of the Industrial Age Thematic Focus - Technology and Innovation (TEC) Human adaptation and innovation have resulted in increased efficiency, comfort, and security, and technological advances have shaped human development and interactions with both intended and unintended consequences Learning Objective 3 Explain how technology shaped economic production over time. Historical Developments A. Explain the impact of the technologies of the first Industrial Revolution. Factory system technology improved systems and grew technologies to be more efficient  Steam engine Powered trains→ Bigger train industry, used for traveling jobs, replacing sails trade and fast communication around the world   Coal Used to heat up stream from the steam engine but causes pollution  B. Explain the impact of the technologies of the Second Industrial Revolution.   Steel Bessmer process mass produces steel from pig iron making railroads Chemicals Led to the development of new materials and product Electricity Has powered machinery, led to an increase in population/efficiency in factories  Oil Was used for cars/mechanic cars, to power cars focused on maximizing product efficiently  C. Explain how technologies impacted trade and migration.  The change increased the rise of maritime trading empires, People were able to shift from farm to city increasing world Production and expanding the production and consumption of goods Topic 5.6 Industrialization: Government’s Role from 1750 to 1900 Thematic Focus - Governance (GOV) A variety of internal and external factors contribute to state formation, expansion, and decline. Governments maintain order through a variety of administrative institutions, policies, and procedures, and governments obtain, retain, and exercise power in different ways and for different purposes. Learning Objective 4 Explain the causes and effects of economic strategies of different states and empires. Historical Developments As the influence of the Industrial Revolution grew, a small number of states and governments promoted their own state-sponsored visions of industrialization.  Answer the following questions to explain the state-sponsored  industrialization of Japan. a. What was the historical situation of Japan in the 1800s?  The emperor was at the highest point of the social hierarchy, but the shogun and daimyo had the power  b. Describe the threat Japan faced from Western powers. The US came with modernized equipment their ships looked intimidating and forced Japan to open trading ports c. What was Japan’s response to the Western threats? Japan created trading ports with the US  and became more modernized  d. Define MEIJI RESTORATION and identify key changes it made.  The emperor wanted to modernize but the Shoguns and daimyo didn’t want to so the emperor won they made Japan modernized by becoming more Westernized and pro-business Topic 5.7 Economic Developments and Innovations in the Industrial Age  Thematic Focus - Economics Systems (ECN) As societies develop, they affect and are affected by the ways that they produce, exchange, and consume goods and services. Learning Objective 9. Explain the development of economic systems, ideologies, and institutions and how they contributed to change in the period from 1750 to 1900. Historical Developments A. Western European countries began abandoning mercantilism and adopting free trade policies. Define the following terms to demonstrate an understanding of the developing economic systems. ADAM SMITH • Wrote “Wealth of Nations”  • Established the idea of private owner ship of industry and business LAISSEZ FAIRE CAPITALISM • Laissez -Faire “Leave Alone” “Hands Off!” ◦ Little to no government involvement in business ◦ Reduce tariffs on trade(don’t penalize imports and exports with tax=free trade) • FREE MARKETS Mercantilism • Government run companies believing ... • fixed amount of wealth • Wealth = amount of silver + Gold you have • Export more than import • Colonies serves as resources STOCK MARKETS capitalism • No limit to earn wealth • supply and  demand should be bought + sold • minimal govt intervention LIMITED-LIABILITY CORPORATIONS Corporation • Business run by lots of people • Stockholders buy parts of companies • corporations made profit  • if Corporations go out of business stockholders only lost the amount they put in the business C. The development of industrial capitalism led to changes in social life. Explain the changes as they relate to -  consumerism Working class and middle class had time to shop and have money from working in the factories standard of living • The working class who worked at the factories lived in the slums which were crowded, unsanitary condition, dirty  leisure time Companies encouraged leisure activities like baseball because it taught hard work, discipline, teamwork, and rule following  Topic 5.8 Reactions to the Industrial Economy from 1750 to 1900 Thematic Focus - Social Interactions and Organization (SIO) The process by which societies group their members and the norms that govern the interactions between these groups and between individuals influence political, economic, and cultural institutions and organization.. Learning Objective 10. Explain the causes and effects of calls for changes in industrial societies from 1750 to 1900. In response to the social and economic changes brought about by industrial capitalism, some governments, organizations, and individuals promoted various types of political, social, educational, and urban reforms A.  Explain how workers organized themselves to improve working conditions, limit hours, and gain higher wages.  Workers rise up and rebeled against the capitalist business owners and they revolted against the upper class B. Discontent with established power structures encouraged the development of various ideologies, including socialism and communism.  Identify the people and key points of each ideology. KARL MARX & FRIEDRICH ENGELS • German journalist • Appalled at the horrible working conditions in the factories • He blamed capitalism • Big business owner dont care about workers- just for profit $$$  SOCIALISM • New governmet ownership of industry  • Resources distributed all • High taxes support government (helthcare,education,safty net) • Goal of classless society  COMMUNISM • Advanced stage of Socialism • Classless society is achieved • Everyone is equal economically, politically, socially therefore… • No government is needed • No $ is needed  •  No need for national borders = world peace C. In response to the expansion of industrializing states, some governments in Asia and Africa, including the Ottoman Empire and Qing China, sought to reform and modernize their economies and militaries. Reform efforts were often resisted by some members of government or established elite groups. Topic 5.9 Society and the Industrial Age Thematic Focus - Social Interactions and Organization (SIO) The process by which societies group their members and the norms that govern the interactions between these groups and between individuals influence political, economic, and cultural institutions and organization. Learning Objective 11. Explain how industrialization caused change in existing social hierarchies and standards of living. Historical Developments A. Because of changing economic systems, new social classes developed during the Industrial Era. Identify and define the 2 new classes.   1. bourgeoisie 2. proletarians B. The Industrial Revolution had a profound impact on the lives of all people. Describe the impacts on the following groups:  Demographic Group Impact Working class • Strict schedules • Low pay • dangerous tasks Family • families had to move to rural to urban • Families lived in slums which were unsanitary  Children • children had to work in factories • Children worked long hours and lower pay • children faced dangerous tasks to do Women • Women had more independence  • Women had shifted from working at home to factories • Early feminism . C. The rapid industrialization and  urbanization led to a variety of environmental challenges. Identify at least 3 environmental problems created by urbanization and the Industrial Revolution.  Air pollution was happening because of factories using coal to for machinery and causing smoke to pollute the air, water pollution was caused by factories dumping toxins into rivers and deforestation because of the population growing in cities natural lands have to be clearing for housing, factories, roads,  Topic 5.10 Continuity and Change in the Industrial Age The final topic in this unit focuses on the skill of argumentation and so provides an opportunity for your students to draw upon the key concepts and historical developments they have studied in this unit. Using evidence relevant to this unit’s key concepts, students should practice the suggested skill for this topic. Learning Objective Explain the extent to which industrialization brought change from 1750 to 1900. Historical Developments • The development of industrial capitalism led to increased standards of living for some, and to continued improvement in manufacturing methods that increased the availability, affordability, and variety of consumer goods. ◦ Railroads, steamships, and the telegraph made exploration, development, and communication possible in interior regions globally, which led to increased trade and migration. • The 18th century marked the beginning of an intense period of revolution and rebellion against existing governments, leading to the establishment of new nation-states around the world. ◦ Enlightenment philosophies applied new ways of understanding and empiricist approaches to both the natural world and human relationships; they also reexamined the role that religion played in public life and emphasized the importance of reason. Philosophers developed new political ideas about the individual, natural rights, and the social contract. ◦ The rise and diffusion of Enlightenment thought that questioned established traditions in all areas of life often preceded revolutions and rebellions against existing governments

UNIT ONE: CANADA AND THE WORLD Focus Questions: •What is the approx. population of Canada? 41 million (41 288 599 • Map of Canada o Name the 3 oceans that touch Canada – be able to locate them on a map Pacific ocean Arctic ocean Atlantic Ocean o Name the 10 provinces and their capital cities British Columbia (Victoria) Alberta (Edmonton) Saskatchewan (Regina) Manitoba (Winnipeg) Ontario (Toronto) Quebec (Quebec City) Newfoundland and Labrador (St.John’s) Prince Edward Island (Charlottetown) New Brunswick (Fredericton) Nova Scotia (Halifax) o Name the 3 territories and their capital cities Yukon Territory (White Horse) Northwest Territories (Yellowknife) Nunavut (Iqaluit) o Locate the provinces and territories but not the capital cities (just know them for each province and territory) •What are the 6 factors of the HDI? Life expectancy (how long you can live) Population Growth (how fast the population grows) Education (access the opportunity to learning) Health Care (access to availability to health) Wealth (measures the wealth of the nation) Food supply (measures the availability of nutrition) •What is a Developed Country? Describe it and list 3 developed countries A developed country is in higher demand in living conditions. I.e. higher social and economic levels, average incomes, many luxuries. -20% of the world's population live in these countries Canada USA Japan Spain France •What is a Developing Country? Describe it and list 3 developing countries A developing country is in lower demand for living conditions. I.e. lower social and economic level, high levels of poverty. Primary industry is agriculture→in order to feed themselves and to trade for money Ethiopia Nigeria Rwanda Bangladesh Pakistan •What are cash crops? Which countries grow these? Cash crops are crops that are grown to be sold for money (exports) Crops that are grown: -Bananas/tropical fruit -Mango -Cocoa beans -Coconuts -Coffee beans -Dragon fruit -Cotton -Sugar •Which country gives the most in foreign aid money? Foreign Aid: Money, food or other resources given by one country to another to promote development and welfare United states gives the most in foreign aid money ($66.04 billion) UNIT TWO: INTERACTIONS IN THE PHYSICAL ENVIRONMENT Focus Questions: •What is Pangaea and who came up with this idea and what did he call the theory? 200 million years ago the continents formed a single giant land mass supercontinent called Pangaea and started to split up -Alfred Wegner came up with this theory and named it continental drift •What evidence did Wegener have to prove his theory? There were 4 PUZZLE PIECES- Shorelines of the continents seem to fit together like a puzzle piece (east coast of South America fit with the west coast of Africa) SIMILAR FOSSILS AND ROCK TYPES Similar rock types were found in these two locations despite the fact that they were thousands of km apart (East coast of south america and west coast of africa) LOCATION OF MOUNTAINS Wegener found mountains formed 300 million years ago that are similar in age and structure on both sides of the Atlantic ocean EVIDENCE OF ICE SHEETS Ice sheets covered southern Africa, India and Australia about 250 million years ago •What are the 4 layers of the earth and which is liquid? Crust Mantel Outer core (Liquid layer) Inner core •What is the Ring of Fire and where is it located? An area where large amounts of earthquakes and volcanic eruptions occur The Ring of Fire is a direct result of plate tectonics and the movement and collisions of plates. Located in: Basin of the Pacific Ocean •Landform Regions of Canada o Review the map o Which landform region do you live in? Toronto is in this landform region. I live in the Great Lakes-St Lawrence Lowland region. o Which landform region has the Rocky Mountains? Western Cordillera o Which landform region is near the Pacific Ocean? Western Cordillera o Which landform region is the furthest north? Innuitian Mountains o Which landform region is the smallest? Great Lakes-St. Lawrence Lowlands o Which landform region is the largest? Canadian Shield •Which landform region is known as the Breadbasket with large wheat farms? Interior Plains • Define climate and weather – what is the difference? Weather The day to day conditions of the atmosphere -Short periods of time -Small areas -Temperature and precipitation Climate Weather conditions of a large area for a long period of time DIFFERENCE TIME PERIOD- Weather describes atmospheric conditions over a few days while climate describes many years (around 20) LAND AREA- Weather=localized (ex. Rainy in brampton and sunny in vaughan) Climate=regionalized (ex. All of southern Ontario has the same climate) •What are the factors that affect climate? List them (LOWERN) Latitude Ocean Currents Wind currents Elevation Relief Nearness to water o Which one might affect the coast of BC the most Nearness to water affects BC the most. o Which one might affect the Arctic the most Latitude •What are the 3 ocean currents that affect Canada? Where are they? Pacific- West coast Arctic- Northern Atlantic- Eastern • Maritime vs continental MARITIME: -Mainly found along the eastern and western coasts (typcial climate fo areas near the coast -Mild winters and summers -Frequent precipitation (close to or usually over 1000mm a year, lowest around 900) Examples- Vancouver, British Columbia or St. john’s NFL or Halifax, Nova Scotia CONTINENTAL: -Typical climate of areas more inland in the interior of Canada (Prairie provinces such as Alberta, Saskatchewan and Manitoba) -Variations of temperature because of the lack of bodies of water (Hot summers and very cold winters) -Increased temp fluctuations (high summer temps and low winter temps) -Less precipitation (usually 200-1000 of rain a year) Examples- Regina, Saskatchewan, Calgary, Alberta, Winnipeg, Manitoba, and Ottawa, Ontario • Climate Graphs and how to do the calculations: Climate graphs show TOTAL MONTHLY PRECIPITATION and AVERAGE MONTHLY TEMPERATURES typically in a particular location o What is the formula for calculating the average temperature? Add up all the temperatures and divide by 12 (℃) o What is the formula for calculating the total precipitation? Add up all the monthly precipitation totals (mm) o What is the formula for calculating the temperature range? The highest temperature minus the lowest temperature (℃) o Can you figure out how to find the month with the highest temperature and the Lowest temperature On a graph you look at the highest points and the lowest • Name the climate region by the Pacific Ocean Pacific Maritime • Name the climate region by the Atlantic Ocean Atlantic Maritime • Name the climate region in Canada’s far north Arctic • Name the climate region you live in. Boreal •Which climate region is a frozen desert? Arctic •What is global warming? The rising of the average temperature on Earth o Why does it happen? Global warming happens because of the greenhouse gases that are emitted into the Earth’s atmosphere. o What activities cause it? Are they mainly human made reasons? NATURAL CAUSES (cannot be caused by humans) MAN MADE CAUSES (Human actions) Temperature fluctuations of the planet Volcanic eruptions Increased solar activity Transportation Manufacturing Oil drilling Farming Deforestation MAN MADE CAUSED OVERPOWER NATURAL CAUSES o Which gases are most responsible for global warming? Where do they come from? Four main gases that absorb radiation are H20- water vapor CO2- Carbon Dioxide (burning fossil fuels and Deforestation) CH4- Methane (agriculture) N2O- Nitrous Oxide (Agriculture) o Which is the worst greenhouse gas? Carbon Dioxide o How does it happen - Explain the process of global warming Sun emits energy in the form of SHORTWAVE RADIATION which can go through anything clear Reaches earth and absorbs but some escapes back into space Long Wave cannot go through anything (not even greenhouse gases) Longwave returns back to Earth making it hotter than it should be o What is the difference between longwave vs shortwave radiation? Short wave- Can go through anything clear Long wave- Cannot go through anything o What might be some global warming problems in Canada Changes rain and snow patterns Migration and life cycles Less snow and ice Higher temperatures and more heat waves UNIT THREE: CHANGING POPULATIONS AND L IVABLE COMMUNITIES Focus Questions: •What is a census? A census is used to count the population and learn important data •Where does the majority of Canada’s population live? Ontario • Name the 4 main classes of immigrants to Canada? Economic Class Family class Refugees Humanitarian and other •Which class of immigrants goes through the point system and how many points do they need to earn? ECONOMIC CLASS- 67/100 points •What factors can you earn points for? Hasn't committed a serious Doesn’t pose a risk to Canada’s security Hasn’t violated human or internationa rights Is in good health (determined by a medical exam) Has a valid passport or travel document Anyone applying to live permanently in Canada must provide A police certificate or criminal record check Their photo and fingerprints if over 14 or under 79 years of age •From which class does Canada accept the most immigrants? Economic Class •Which people can immigrate to Canada in the Family Class Immigrants? FAMILY CLASS: -Parents -Spouses -Children joining family members that are already living in Canada •What is a refugee? Two Main types of resettled refugees: GOVERNMENT ASSISTED PRIVATELY SPONSORED Referred by the UN refugee agency based on their location and vulnerability and are getting government assistance during this transition Brought to Canada by government approved citizens and organizations that assume legal and financial responsibility for them Refugees cannot apply directly to be resettled in Canada All refugees undergo screening by Canadian officials and generally have permanent resident status when they arrive. • Define and list examples of push factors for immigrants PUSH FACTORS (Reasons for leaving your home country to go live in another one, what pushes people out?) War and conflict Natural disasters Unfair political reasons Poverty Limited rights and freedoms Lack of employment Racial persecution Religious persecution Lack of services- lack of access to education and healthcare Dislike the climate No family • Define and list examples of pull factors for immigrants PULL FACTORS (Reasons to choose a country to go live in (what pulls people to come?) Religious freedom Marriage Opportunities for better employment Family Improve standard of living Favourable climate Democratic government More rights and freedoms •Population pyramids It is a diagram that gives information about a country’s population breakdown by age and gender for any year % of males and females in each group The proportion of young people (0-14 years old) The proportion of Working people (15-64 years old) The proportion of Elderly people (65 and older) o How do you calculate the total % of children in a population? Add the percentages from 0-14 o How do you calculate the total % of working population Add the percentages from 15-64 years old o How do you calculate the total % of seniors in a population? Add the percentages from 65 and above o What is dependency load and how do you calculate it? The % of the population that does not work and so it depends on the working population (Add the % of children and the % of seniors to get a total %) o pyramid with a wide base means what? POPULATION GROWTH o A pyramid with a narrow base means what? POPULATION DECLINE •What is a baby boomer? In 1950, after WW2, many families began to have children which meant the birth rate was very high. (1950-1965) -As the baby boomers grow older Canada’s population will continue to age as there is so many of them to still age •What is a centenarian? A person who is 100 years old and above •What does the greying of Canada’s population mean? Population is getting older so it is aging as a whole and not made up of mainly young people o Why is this happening? There are 2 main reasons – can you explain them? INCREASE IN LIFE EXPECTANCY - Life expectancy in Canada is currently 83 years old for men and 84 for women - More Canadians than ever before are living to 85 and beyond DECREASE IN BIRTH RATES - People are not having large families anymore as woman no longer stay home and choose to work, children are expensive and not everyone gets married today o what are some of the problems we can encounter as a country in the future if this continues? More Candians are receiving old age pension and are seeking more health care and services = expensive to have many seniors Proportionally fewer people are working and paying income tax = less money available Housing and transportation needs are changing, as is consumption, which is shifting towards goods and services for seniors The # of families made up of couples whose children have left home is also on the rise •Where does the majority of Canada’s population live? ONTARIO UNIT FOUR: CANADIAN INDUSTRIES AND RESOURCE Focus Questions: •What is an Ecological Footprint? THE AMOUNT OF THE ENVIRONMENT NECESSARY TO PRODUCE THE GOODS AND SERVICES NECESSARY TO SUPPORT OUR LIFESTYLES -It is a way of looking at how much of the Earth we each use to live the life that we are in this country -An area of land and water that would be required to provide for a countries populations resources and absorb its waste o How is it measured? Calculated in hectares of land, and is used to calculate the amount of Earth’s bio-productive space needed to keep a population at its current level of resource consumption -Use the amount of land area / person o Which countries have large footprints? CHINA USA INDIA o Which countries have small footprints ETHIOPIA MALI o How does a footprint get larger? o What can be done to reduce a footprint? Switch of the lights Take the stairs AC on? Shut the windows Take shorter showers Power down laptops Unplug electronics when not in use Keep room temp moderate Do full laundry loads Use fewer or share appliances Switch to LED lightbulbs •What is sustainable development? Meeting present needs without compromising the chances of future generations to meet their needs •What is an export? The selling of goods and services to another country •What is an import? The buying of goods and services from another country • Name and explain the 3 main types of industries found in Canada and what they do PRIMARY SECTOR (Resource based industries) SECONDARY SECTOR (Manufacturing) TERTIARY SECTOR (service industries) Harvesting or extracting raw materials from nature JOBS: -Mining -Famers -Fishers -Foresters -oil workers Converting raw materials into fishing products JOBS: -Factory workers -Food processors -Construction workers Providing services to businesses and consumers JOBS: -Retail workers -Teachers -Nurses -Dentists -Restaurant staff -Lawyers -Electrician o Which sector employs the most people SERVICE INDUSTRIES (76% OF CANADA’S POPULATION) •List the conventional sources of energy FOSSIL FUELS NUCLEAR ENERGY NATURAL GASES •List the alternative sources of energy SOLAR ENERGY WIND ENERGY HYDROELECTRICITY GEOTHERMAL BIOMASS O what are some of the advantages of alternative energy forms? -Never runs out -Abundant (more power than needed) -Sustainable (energy were getting now is gonna be the same later) -Clean •Which sources of energy are renewable and which are non renewable? ALTERNATIVE= RENEWABLE CONVENTIONAL= NON RENEWABLE •Which source of energy does Canada produce the most? ALTERNATIVE SOURCES (hydroelectricity) •Which sector of the economy uses the most energy? PRIMARY SECTOR (RESOURCE BASED INDUSTRIES) •Which sources are Canadians dependent on? ALTERNATIVE SOURCES •Which province has a lot of production of fossil fuels? ALBERTA WHEN YOU ARE DONE THIS REVIEW, COMPLETE THE PRACTICE SHEET

Net exports

4. International trade (Exports and Imports)

Topic 6.5: Changes in the Foreign Exchange Market and Net Exports

Economics Study Guide: Supply, Demand, and Macroeconomic Principles Short-Answer Questions (2-3 sentences each): What is the fundamental concept of economics, and how does it relate to scarcity? Explain the law of demand. What is the relationship between price and quantity demanded? What are two factors besides price that can influence the demand for a product? Give a brief example of each. Describe the law of supply. How does it differ from the law of demand? What is market equilibrium, and why is it significant in economics? How do you calculate total revenue for a product? What is a normal good, and how does its demand respond to changes in income? Define substitutes and complements in the context of economics. Provide an example of each. Explain the difference between a shift in demand and a movement along the demand curve. What is GDP, and why is it considered a key indicator of a country's economic performance? Short-Answer Key: Economics is the study of how individuals, businesses, and societies make choices about how to allocate scarce resources to satisfy their unlimited wants and needs. It centers on the problem of scarcity, meaning there are limited resources available to meet our desires. The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa. This inverse relationship implies that consumers are generally willing to buy more at lower prices. Two factors influencing demand are income and consumer preferences. For example, if people's incomes increase, they might demand more luxury goods. Alternatively, a shift in consumer preference toward healthier lifestyles might increase demand for organic foods. The law of supply states that, all else being equal, as the price of a good or service increases, the quantity supplied increases, and vice versa. Unlike the inverse relationship in the law of demand, the law of supply shows a positive relationship, where producers are more willing to supply goods or services at higher prices. Market equilibrium is the point where the quantity demanded of a good or service equals the quantity supplied. At this point, the market is stable because there are no surpluses or shortages, and prices tend to remain constant. Total revenue is calculated by multiplying the price of a product by the quantity supplied (Total Revenue = Price x Quantity Supplied). It represents the total receipts a seller can obtain from selling goods or services. A normal good is a good whose demand increases as consumer income rises. This means that as people earn more, they tend to purchase more of these goods. Substitutes are goods that can be used in place of one another. For example, Coke and Pepsi are substitutes. Complements are goods that are consumed together. For example, cars and gasoline are complements. A movement along the demand curve occurs solely due to a change in the price of the good itself. In contrast, a shift in demand is caused by factors other than price, such as changes in income, consumer preferences, or the prices of related goods, leading to a completely new demand curve at every price level. GDP (Gross Domestic Product) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. It serves as a comprehensive indicator to measure a country's economic health and standard of living. Essay Questions: Explain the concept of equilibrium in a competitive market. How do the forces of supply and demand interact to determine the equilibrium price and quantity? What happens to equilibrium price and quantity when there is a change in supply or demand? Discuss the factors that can cause a shift in the demand curve. Illustrate your answer with examples of events that could shift the demand curve for coffee to the right. Explain the difference between a change in quantity supplied and a change in supply. What factors can cause a change in supply? Illustrate your answer with examples of events that could shift the supply curve for wheat to the left. What is economic inequality, and what are some of its potential causes and consequences? How can governments address economic inequality through policies and interventions? Define GDP and explain its components. Discuss the limitations of GDP as a measure of societal well-being. What are some alternative indicators that can be used to assess a country's progress beyond economic growth? Glossary of Key Terms: Economics: The study of how people make decisions in the face of scarcity. Scarcity: The fundamental economic problem that arises because resources are limited while human wants and needs are unlimited. Demand: The amount of a good or service that consumers are willing and able to buy at a given price. Quantity Demanded: The specific amount of a good or service that consumers are willing and able to buy at a particular price. Law of Demand: The principle that, all else being equal, there is an inverse relationship between the price of a good and the quantity demanded. Supply: The amount of a good or service that producers are willing and able to sell at a given price. Quantity Supplied: The specific amount of a good or service that producers are willing and able to sell at a particular price. Law of Supply: The principle that, all else being equal, there is a positive relationship between the price of a good and the quantity supplied. Equilibrium: A state in which the forces of supply and demand are balanced, resulting in stable prices and no surpluses or shortages. Equilibrium Price: The price at which the quantity demanded of a good or service equals the quantity supplied. Equilibrium Quantity: The quantity of a good or service bought and sold at the equilibrium price. Total Revenue: The total amount of money received by a seller from the sale of a good or service, calculated as price times quantity sold. Normal Good: A good for which demand increases as income increases. Inferior Good: A good for which demand decreases as income increases. Substitutes: Goods that can be used in place of one another. Complements: Goods that are consumed together. Shift in Demand: A change in the quantity demanded at every price; represented by a shift of the entire demand curve. Movement Along the Demand Curve: A change in the quantity demanded of a good that is caused only by a change in that good’s by price. GDP (Gross Domestic Product): The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. Economic Inequality: The unequal distribution of income and wealth within a society. Market Dynamics: Economics is the study of how individuals and societies utilize scarce resources to satisfy their needs and wants. A fundamental concept in economics is the interaction between supply and demand within a market. Demand: Represents the quantity of a good or service that consumers are willing and able to purchase at various prices. Law of Demand: As price increases, quantity demanded decreases, and vice versa. ("Economics AI") Factors influencing demand include: Price Income Prices of related goods (substitutes and complements) Tastes and preferences Expectations Population changes Supply: Represents the quantity of a good or service that producers are willing and able to offer at various prices. Law of Supply: As price increases, quantity supplied increases, and vice versa. ("Economics AI") Factors influencing supply include: Natural conditions Input prices Technology Government policies Equilibrium: The point at which supply and demand intersect, determining the market price and quantity. At equilibrium, there is no surplus or shortage. ("Economics2e-Ch03.pdf") II. Factors Affecting Supply and Demand: Demand:A shift in the demand curve occurs when factors other than price change the quantity demanded at every price level. ("Economics2e-Ch03.pdf") For example, an increase in income for a normal good will shift the demand curve to the right, indicating a higher quantity demanded at each price point. ("Economics JOURNAL: WORD") Conversely, a decrease in income for an inferior good will increase demand. ("Economics2e-Ch03.pdf") Substitute goods see increased demand when the price of the original good rises. ("Economics JOURNAL: WORD") Complementary goods experience higher demand when the price of the related good falls. ("Economics JOURNAL: WORD") Supply:Similar to demand, a shift in the supply curve happens when non-price factors alter the quantity supplied at all price levels. ("Economics2e-Ch03.pdf") Adverse natural conditions can decrease supply (shift the curve left), as illustrated by the example: "if it snows I can't grow weed". ("Economics JOURNAL: WORD") Technological advancements can increase supply (shift the curve right) by making production more efficient. ("Economics2e-Ch03.pdf") III. Macroeconomic Perspectives and Measuring Economic Performance: Gross Domestic Product (GDP): GDP is the total value of all final goods and services produced within a country during a specific period. It serves as a measure of a nation's economic size and overall health. ("Economics2e-Ch19.pdf") Components of GDP: GDP can be measured by analyzing the demand side (consumption, investment, government spending, and net exports) or the production side (durable goods, nondurable goods, services, structures, and changes in inventories). ("Economics2e-Ch19.pdf") Nominal GDP: GDP measured in current prices, not adjusted for inflation. Real GDP: GDP adjusted for inflation, providing a more accurate picture of economic growth over time. To calculate Real GDP, the formula is: "Real GDP = Nominal GDP / Price Index / 100". ("Economics2e-Ch19.pdf") GDP per capita: GDP divided by population, used to compare economic output on a per-person basis across countries. ("Economics2e-Ch19.pdf") Economic Growth and Convergence: Sustained economic growth is crucial for raising living standards. Even small growth rates compounded over time lead to significant changes in well-being. ("Economics2e-Ch20 (1).pdf") Economic convergence suggests that economies with lower per capita incomes tend to grow at faster rates than richer economies, potentially leading to a narrowing of the gap in living standards. ("Economics2e-Ch20 (1).pdf") Monetary Policy: Central banks, such as the Federal Reserve in the United States, use monetary policy tools to influence the money supply and interest rates to achieve macroeconomic objectives. ("Economics2e-Ch28.pdf") Open market operations: Buying or selling government bonds to influence the money supply. Reserve requirements: Setting the percentage of deposits banks must hold as reserves. Discount rate: The interest rate charged by the central bank to commercial banks for loans. Fiscal Policy: Government use of spending and taxation to influence the economy. ("Economics2e-Ch30 (1).pdf") Budget deficit: Occurs when government expenditures exceed revenues in a fiscal year. National debt: The cumulative amount of money the government owes to its creditors. IV. International Trade and Comparative Advantage: Absolute advantage: When a country can produce more of a good with fewer resources than another country. ("Economics2e-Ch33.pdf") Comparative advantage: A country has a comparative advantage when it can produce a good at a lower opportunity cost than another country. This forms the basis for gains from trade. ("Economics2e-Ch33.pdf") Specialization and trade allow countries to consume beyond their production possibilities frontiers, resulting in mutual benefits. ("Economics2e-Ch33.pdf") This briefing doc provides an overview of core economic principles, market dynamics, and macroeconomic concepts. It highlights the interplay of supply and demand, factors influencing economic growth, the role of monetary and fiscal policies, and the benefits of international trade based on comparative advantage.

RELIEF, BAGGAGE, POSTAL, EXPORTS

Factors affecting Net exports

Nation X Is Taking Actions That Nation Y Finds Objectionable. What Cour Of Actions, Short Of War, Could Nation Y Do To Impact Nation X'S Economy? What Is The Difference Between Comparative And Absolute Advantage? Give An Example Of Comparative Advantage. Give An Example Of Absolute Advantage. Exports - Imports = Nations Depend Upon Each Other For Necessities. Give An Example Of An Import The Us Requires And From Whom It Imports It From. Do The Same With Exports. What Impact Does A Tariff Have On The Price Of A Good? What Are The Advantages And Disadvantages Of Nafta? What Tools Could We Put In Place To Protect Domestic Manufacturing? Why Might Businesses Outsource Jobs From The U.S. To The Third World? Terms To Define: Import Export Tariff Protectionism Nafta Free Trade Balance Of Trade Absolute Advantage Comparative Advantage Embargo Domestic Business Foreign Business Trade Barrier

- Consumerism: Causes And Consequences - Consumer Society - Gross Domestic Product (Gdp) - Happy Planet Index (Hpi) - Globalisation - Global Supply Chain - Imports & Exports (Use Examples Of Australia’S Top 10 Imports/Exports) - Balance Of Trade - Interdependence - Budgeting: Income, Expenditure And Revenue - Income Distribution Vs Wealth Distribution - Wealth Per Capita Vs Income Per Capita - Living Standards - Egalitarianism. Question 1) What Is The Difference Between Consumption And Consumerism? Question 2) What Are The Advantages Of Living In A Consumer Society? What Are The Disadvantages Or Harms? Question 3) Explain One Alternative To Consumerism That You Think Is Most Attainable In Australia. Is This An Alternative Culture/Value System You Have Envisioned, Or A Lifestyle That Individuals Can Practice And Advocate? Why Do You Consider It Attainable? Question 4) Consumerism Is Often Deeply Linked To Wealth. Is This A Good Reason To Hold Onto Consumerism? Why/Why Not? Question 5) Should We Try To Eliminate Consumerism Itself, Or Is It Enough To Just Reduce The Harm Of Consumerism As Much As Possible? How Might This Be Achieved? Globalisation - Australia’S Place In A Global Market Question 1) Identify 5 Of Australia’S Top Imports And Exports. Question 2) Explain How Globalisation Has Impacted Upon The Production Of Goods And Services In Australia. Choose A Country: Question 1) Analyse How Australia And Your Chosen Country Are Interdependent. Australian Wealth Distribution Question 1) Distinguish Between Wealth And Income Question 2) What Does Wealth Distribution Look Like In Australia? Use Examples From The Infographic Looking At Each State. Why Might The States Be Different? Question 3) How Does This Distribution Match With The Value Of A “Fair Go” In Australian Society? Global Wealth - Indicators Of Wealth Question 1) Explain Some Of The Indicators Of Wealth/Poverty By Providing An Example Of Each. Question 2) According To The Video On Global Wealth Distribution, Institutional Factors Are The Most Important Factors Linking To The Wealth Of A Country, Followed By Cultural And Geographical Factors. Is This The Case For Australia? Why/Why Not? Write A Paragraph Explaining Your Reasoning. Use Examples To Support Your Ideas. Global Wealth Distribution Question 1) Explain The Term Gross Domestic Product And How It Relates To A Country’S Wealth. Question 2) Using The Two Countries That You Have Studied, Critically Evaluate And Reflect Upon How Differing Gdps Around The World Impact On Living Standards. Egalitarianism Question 1) Why Is Gdp Often Not A Good Way To Measure A Country'S Wealth? Question 2) Define Egalitarianism Question 3) Discuss Strategies That Will Help To Close The Rising Inequality Gap Within Countries. Question 4) Justify, Using Examples And Case Studies From Countries, Whether You Think An Egalitarian Society Is Possible.

Usa, 1919-41 Refers To The Period In American History From 1919 To 1941, Characterized By Significant Economic, Social, And Political Changes. Wall Street Crash The Catastrophic Stock Market Crash That Occurred In 1929, Leading To The Great Depression In The United States And Worldwide. New Deal Refers To The Series Of Programs And Policies Implemented By President Franklin D. Roosevelt In Response To The Great Depression To Stimulate Economic Recovery And Provide Relief To Americans. League Of Nations An International Organization Established After World War I To Promote Peace And Cooperation Among Countries, But Failed To Prevent Aggression And Conflicts. Isolationism Refers To The Foreign Policy Approach Adopted By The United States After World War I, Characterized By Avoiding Entanglement In Foreign Affairs And Focusing On Domestic Issues. Economic Boom The Period Of Rapid Economic Growth, Expansion Of Industries, Increased Consumer Spending, And Overall Prosperity Experienced In The 1920s In The United States. Stock Market A Platform Where Shares Of Publicly Traded Companies Are Bought And Sold, Playing A Significant Role In The Economy And Investment Activities. Great Depression The Severe Economic Downturn That Began With The Wall Street Crash In 1929 And Lasted Throughout The 1930s, Leading To High Unemployment, Poverty, And Economic Hardship. Raw Materials Basic Materials Used In Industrial Production, Such As Coal, Oil, And Cotton, Essential For Manufacturing And Economic Development. First World War A Global Conflict That Took Place From 1914 To 1918, Involving Many Of The World'S Great Powers. Us System Of Government Refers To The Federal System In The United States Where Individual States Have Certain Powers While The Federal Government Handles National Affairs. Constitution The Foundational Document That Outlines The Structure Of The Government And The Rights Of Its Citizens In The United States. Supreme Court The Highest Court In The United States, Responsible For Interpreting The Constitution And Ensuring The Legality Of Government Actions. Republicans One Of The Two Major Political Parties In The United States, Known For Their Beliefs In Laissez-Faire Economics, Protective Tariffs, And Low Taxation. Democrats The Other Major Political Party In The United States, Often More Willing To Intervene In Everyday Life And Support Higher Taxation For Social Programs. Trusts Large Corporations That Dominated Industries In The United States During The Early 20th Century. Mass Production A Method Of Producing Goods In Large Quantities, Leading To Lower Costs And Increased Availability To Consumers. Mass Production The Manufacturing Of Goods In Large Quantities Through Techniques Like Assembly Lines, Allowing For Increased Efficiency And Lower Costs. Henry Ford An American Industrialist Who Revolutionized Car Production With The Introduction Of The Moving Assembly Line, Particularly Known For The Model T. Production Line A Method Of Manufacturing Where A Product Moves Through Various Stations, With Each Worker Performing A Specific Task, Leading To Faster Production. Model T A Car Model Produced By Ford Motor Company, Known For Being The First Affordable Automobile, With Over 15 Million Units Produced Between 1908 And 1925. International Harvester Trucks A Company That Produced Trucks, Benefiting From The New Roads And The Growth Of The Truck Industry In The Early 20th Century. Mass Consumption The Widespread Purchasing Of Goods By The Public, Essential For Industries Relying On Mass Production To Thrive. Industrial Efficiency Movement A Movement Promoting Efficient Production Methods And Management Practices To Increase Productivity In Industries. Chain Store A Type Of Retail Store That Operates Multiple Locations, Offering The Same Products Across Different Regions, Contributing To The Growth Of Consumerism In The 1920s. Hire Purchase A System Allowing Consumers To Buy Goods On Credit, Paying For Them Over Time, Which Became Popular For Purchasing Items Like Radios And Cars In The 1920s. Over-Production The Situation Where More Goods Are Produced Than Demanded By The Market, Leading To Surpluses And Falling Prices. Declining Exports Reduction In The Amount Of Goods Sold To Other Countries, Often Due To Economic Conditions Or Trade Barriers. New Competitors Emerging Rivals In The Market That Pose A Challenge To Existing Businesses, Often Due To Increased Efficiency Or Lower Costs. Falling Prices Decrease In The Prices Of Goods Or Services, Usually Due To Oversupply Or Reduced Demand. Rural Banks Financial Institutions Located In Rural Areas That Provide Banking Services To Farmers And Residents In The Countryside. Farm Bankruptcies Legal Status Of Being Unable To Pay Debts As A Farmer, Leading To Financial Insolvency And Potential Loss Of Assets. Unemployment The State Of Being Without A Job, Especially When Actively Seeking Work. Herbert Hoover The 31st President Of The United States Who Served From 1929 To 1933. Chicago One Of America'S Biggest Cities In The 1920s, Known For Its Steel, Meat, And Clothing Industries. Roaring Twenties A Term Used To Describe The 1920s In The United States, Characterized By Dynamic Business Growth, Mass Consumption, And Societal Changes. Laissez-Faire An Economic Theory That Advocates Minimal Government Intervention In The Economy. Mass Production The Production Of Large Quantities Of Standardized Products, Often Using Assembly Line Techniques. Prohibition The Nationwide Constitutional Ban On The Production, Importation, Transportation, And Sale Of Alcoholic Beverages In The United States From 1920 To 1933. Jazz Age Refers To The Period In The 1920s Characterized By The Rise Of Jazz Music, New Dances Like The Charleston, And Changing Styles Of Behavior Epitomized By The Flapper Image. Flapper A Term Used To Describe Young Women In The 1920s Who Defied Traditional Norms By Wearing Short Dresses, Makeup, Smoking In Public, And Embracing A More Liberated Lifestyle. Jazz Music A Genre Of Music That Emerged In The Early 20th Century, Characterized By Improvisation, Syncopation, And A Lively Rhythm, Which Became A Symbol Of The Jazz Age In The 1920s. Silent Movies Films Produced Before 1927 That Did Not Have Synchronized Sound, Relying On Visual Storytelling, Music, And Intertitles To Convey The Plot To The Audience. Talkies Refers To Movies With Synchronized Sound, Which Became Popular After The Release Of "The Jazz Singer" In 1927, Marking A Significant Shift In The Film Industry. Hollywood A Neighborhood In Los Angeles That Became The Center Of The American Film Industry, Producing A Large Number Of Movies During The 1920s And Becoming Synonymous With The Glamour Of The Entertainment World. Middle-Class Women In The Usa Before The First World War, Middle-Class Women In The Usa Were Expected To Lead Restricted Lives, Wearing Very Restrictive Clothes, Behaving Politely, Not Wearing Make-Up, Having Strictly Controlled Relationships With Men, Needing A Chaperone When Going Out With A Boyfriend, Refraining From Participating In Sports Or Smoking In Public, And Being Mostly Housewives With Limited Job Opportunities. Flappers Flappers In The 1920s Were Controversial Figures Who Challenged Traditional Norms By Wearing Short Skirts, Bobbed Hair, Daring Clothes, Makeup, And Engaging In Public Behaviors Like Smoking, Drinking, Driving Cars Without A Chaperone, And Kissing In Public. Immigration The Act Of Individuals Moving Into A Country To Settle There Permanently. Intolerance Unwillingness To Accept Or Respect Different Opinions Or Beliefs. Racism Prejudice, Discrimination, Or Antagonism Directed Against Someone Of A Different Race Based On The Belief That One'S Own Race Is Superior. Melting Pot A Metaphor For A Society Where Different Cultures And Races Blend Together Harmoniously. Red Scare A Period Of Fear And Hysteria Over The Perceived Threat Of Communism In The United States In The Early 20th Century. Bolshevism A Faction Of The Marxist Russian Social Democratic Labour Party Which Eventually Became The Communist Party Of The Soviet Union. Anarchists Individuals Who Believe In The Abolition Of All Government And The Organization Of Society On A Voluntary, Cooperative Basis Without Recourse To Force Or Compulsion. J The First Director Of The Federal Bureau Of Investigation (Fbi) Of The United States. Deportation The Action Of Expelling A Foreigner From A Country, Typically For Having Committed A Crime Or Overstaying A Visa. Sacco And Vanzetti Italian Americans Arrested In 1920 On Suspicion Of Armed Robbery And Murder, Known For Their Anarchist Beliefs And Unjust Conviction. Red Scare Period Of Anti-Communist Hysteria In The United States In The Early 20th Century, Leading To The Persecution Of Individuals With Radical Beliefs. Immigration Quotas System Introduced In 1924 To Limit The Number Of Immigrants Entering The Usa, Favoring Those From North-West Europe And Excluding Asians. Ku Klux Klan White Supremacy Movement Using Violence To Intimidate African Americans, Revived In The Early 20th Century And Influential In The 1920s. Jim Crow Discriminatory Laws And Practices Enforcing Racial Segregation And White Supremacy In The Southern United States, Particularly Targeting African Americans. Lynchings Acts Of Violence, Especially Hanging Without Trial, Carried Out By Mobs Against African Americans, Jews, Catholics, And Immigrants In The Early 20th Century. Strange Fruit Poem Written By Abel Meeropol Inspired By A Lynching Incident, Highlighting The Violence And Racism Faced By African Americans In The Usa. Birth Of A Nation Controversial Film Released In 1915 Glorifying The Ku Klux Klan And Perpetuating Racist Stereotypes, Contributing To The Revival Of The Klan In The Early 20th Century. Lynching The Act Of Murdering Someone By Extrajudicial Mob Action, Particularly Prevalent Against African Americans In The Early 20th Century. Harlem Renaissance A Cultural Movement In The 1920s Centered In Harlem, New York, Where African American Artists, Musicians, And Writers Flourished. Naacp National Association For The Advancement Of Colored People, Founded By W.E.B. Dubois In 1919 To Fight Against Racial Segregation Laws And Lynching. Marcus Garvey Founder Of The Universal Negro Improvement Association (Unia) And Advocate For African Americans To Be Proud Of Their Race And To Establish Their Own Businesses. Civil Rights Movement Efforts By African Americans To Gain Equal Rights And End Racial Discrimination, Including Legal Segregation And Lynching, In The United States. Native Americans The Original Settlers Of The North American Continent Who Faced A Significant Decline In Population And Were Forced To Move To Reservations During The Rapid Expansion Of The Usa In The Nineteenth Century. Reservations Designated Areas Where Native Americans Were Relocated To Live, Often In The Midwest, After Being Displaced From Their Traditional Lands. Merriam Report A Report From 1928 That Proposed Widespread Improvements To The Laws Relating To Native Americans, Leading To Reforms Under Roosevelt'S New Deal In 1934. Monkey Trial A Trial In The 1920s That Centered Around The Teaching Of Evolution In Schools, Highlighting The Clash Between Urban Beliefs In Evolution And Rural Fundamentalist Beliefs. Fundamentalists People, Particularly Strong In The 'Bible Belt' States, Who Held Literal Interpretations Of The Bible And Opposed The Teaching Of Evolution In Schools. Prohibition The Nationwide Ban On The Manufacture, Sale, And Transportation Of Alcohol In The Usa, Enforced By The Eighteenth Amendment To The Constitution In January 1920. Prohibition The Period From 1920 To 1933 In The United States When The Production, Sale, And Transportation Of Alcoholic Beverages Were Banned. Bootleggers Individuals Who Illegally Produced, Transported, Or Sold Alcohol During The Prohibition Era. Speakeasies Illegal Bars Or Establishments Where Alcoholic Beverages Were Sold And Consumed During Prohibition. Corruption The Dishonest Or Unethical Behavior, Especially Involving Bribery, That Was Prevalent Among Law Enforcement Officers And Officials During The Prohibition Era. Gangsters Criminals Who Profited From The Sale Of Illegal Alcohol During The Prohibition Era, Often Associated With Organized Crime And Violence. Prohibition The Nationwide Ban On The Manufacture, Sale, And Transportation Of Alcoholic Beverages In The United States From 1920 To 1933. Al Capone Infamous Chicago Gangster Boss During The Prohibition Era, Known For His Violent Reign And Control Over Illegal Activities In The City. Bootlegger Individuals Who Illegally Produced, Smuggled, Or Sold Alcoholic Beverages During The Prohibition Era. Speakeasies Illicit Establishments That Sold Alcoholic Beverages During The Prohibition Era, Often Hidden From Authorities And Requiring A Password For Entry. St A 1929 Gangland Murder In Chicago Where Seven Members Of Bugsy Moran'S Gang Were Killed By Al Capone'S Men In A Brutal And Public Manner. George Remus A Prominent Bootlegger During The Prohibition Era Who Amassed Wealth Through Illegal Alcohol Sales And Corrupt Practices. Organized Crime Criminal Activities Carried Out By Groups With A Formal Structure, Often Involving Illegal Businesses Like Bootlegging, Gambling, And Prostitution. Corruption Dishonest Or Fraudulent Conduct By Those In Power, Often Seen In Law Enforcement, Government Officials, And Politicians During The Prohibition Era. Franklin D The Democrat President Who Was Elected In 1932 And Played A Key Role In The Repeal Of Prohibition In December 1933. Wall Street Crash The Collapse Of The American Stock Market In 1929, Leading To A Severe Economic Depression. Speculation A Form Of Gambling Where Individuals Buy And Sell Shares Quickly To Make A Profit, Without Intending To Hold Onto The Shares For Long. Stock Market A Platform Where Shares Of Companies Are Bought And Sold, Such As Wall Street In The United States. Shareholders Investors Who Own A Share In A Company, Entitling Them To A Portion Of The Company'S Profits. Herbert Hoover The Republican President Of The United States During The Wall Street Crash And The Subsequent Great Depression. Depression A Prolonged Period Of Economic Downturn Characterized By High Unemployment, Low Consumer Spending, And A Decrease In Industrial Production. Roosevelt Refers To Franklin D. Roosevelt, Who Won The 1932 Presidential Election Following The Wall Street Crash And Implemented The New Deal To Address The Economic Crisis. Margin Buying Shares On Margin Means Putting Down Only A Percentage Of The Cash Needed To Buy Shares And Borrowing The Rest. Petticoat Line Nickname For Women Speculators Who Owned Over 50% Of The Pennsylvania Railroad During The Stock Market Boom. Bank Speculation Banks Getting Involved In Speculation By Lending Large Sums Of Money For Stock Market Investments, Contributing To The Market'S Instability.