The GED Social Studies Test: Economics I

Set yourself up for GED success by practicing these lists of essential social studies terms. Our lists will help reinforce your understanding of the major topics covered on the test, including American history, government, civics, economics, and geography. Be sure to read through the example sentences on our American history lists, which provide quick "mini lessons" on important historical events and ideas.
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Full list of words from this list:

words only definitions & notes
  1. antitrust
    relating to laws that prevent unfair business practices
  2. capital
    wealth in the form of money or property
  3. capitalism
    an economic system based on private ownership of assets
  4. commodity
    any good that can be bought and sold
  5. deficit
    an excess of liabilities over assets
  6. deflation
    reduction of economic activity that results in lower prices
  7. demand
    the ability and desire to purchase goods and services
  8. export
    a commodity sold to a foreign country
  9. fiscal
    involving financial matters
  10. import
    commodities bought from a foreign country
  11. industrial
    of or relating to commercial enterprise
  12. inflation
    a general and progressive increase in prices
  13. labor
    productive work, especially physical work done for wages
  14. laissez faire
    a doctrine that government should not interfere in commerce
  15. monopoly
    a market in which there are many buyers but only one seller
  16. recession
    a situation in which the state of the economy declines
  17. resource
    a new or reserve supply that can be drawn upon when needed
  18. supply
    offering goods and services for sale
  19. surplus
    a quantity much larger than is needed
  20. trade
    the commercial exchange of goods and services
Created on Fri Mar 05 12:50:03 EST 2021 (updated Mon Mar 22 11:47:59 EDT 2021)

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