TEXES Social Studies 232 Latest 2023
Already Passed
Montesquieu ✔✔Three branches of government with checks and balances
Voltaire ✔✔Importance of freedom of speech, religion, press
Locke ✔✔Two Treatises, people have natural rights and right to rebel
Full Employment ✔✔Allows for up to 4% unemployment
Money Market Funds ✔✔High rate of return, safe investment
Certificates of Deposit ✔✔High rate of return, safe, have to invest for set period of time
Stocks ✔✔Risky investment, but highest rate of return
,Muslim Achievements in Middle Ages ✔✔Algebra, Circumference of Earth, Cataract Surgery,
Doctor exams
Inca Farming ✔✔Terraces
Aztec Farming ✔✔"Floating" gardens
Robert Fulton ✔✔Invented the steamboat; Industrial Revolution
Second Industrial Revolution ✔✔Came about due to steel - able to build skyscrapers
Ancient India Achievements ✔✔Concept of zero and decimal system
Circular Flow Model of Economy ✔✔Businesses pay households wages, rent, interest, and
dividends. Households provide businesses with the factors of production.
Keynes ✔✔Government intervention needed in times of economic instability.
,Marx ✔✔Father of communism. Said people will rise up against government
Adam Smith ✔✔Father of capitalism. Stresses minimal government involvement in economy.
David Ricardo ✔✔Capitalist; Law of Iron Wages - wages always decrease compared to prices
Traditional Economy ✔✔Traditional practices such as farming, fishing, herding
Market Economy ✔✔Supply and demand determines prices. AKA free enterprise/capitalist
Command Economy ✔✔Government control - communist
Mixed Economy ✔✔Both market and command. Government imposes regulations, but allows
free enterprise
Monopolistic Competition ✔✔A few companies make the same product, advertise differently
Oligopoly ✔✔A few companies dominate market, control prices
, Monoploly ✔✔One company controls market
Pure Competition ✔✔Goal of capitalism - infinite companies compete
Trade Deficit ✔✔Total value of imports exceeds value of exports
Business Cycle ✔✔Expansion, Crisis, Recession, Recovery
Expansion (cycle) ✔✔GDP rises, unemployment shrinks, low interest rates
Crisis (cycle) ✔✔Stock crash, bankrupcies
Recession (cycle) ✔✔GDP drops, unemployment grows, high interest
Recovery (cycle) ✔✔Interest rates drop (~5%)
Already Passed
Montesquieu ✔✔Three branches of government with checks and balances
Voltaire ✔✔Importance of freedom of speech, religion, press
Locke ✔✔Two Treatises, people have natural rights and right to rebel
Full Employment ✔✔Allows for up to 4% unemployment
Money Market Funds ✔✔High rate of return, safe investment
Certificates of Deposit ✔✔High rate of return, safe, have to invest for set period of time
Stocks ✔✔Risky investment, but highest rate of return
,Muslim Achievements in Middle Ages ✔✔Algebra, Circumference of Earth, Cataract Surgery,
Doctor exams
Inca Farming ✔✔Terraces
Aztec Farming ✔✔"Floating" gardens
Robert Fulton ✔✔Invented the steamboat; Industrial Revolution
Second Industrial Revolution ✔✔Came about due to steel - able to build skyscrapers
Ancient India Achievements ✔✔Concept of zero and decimal system
Circular Flow Model of Economy ✔✔Businesses pay households wages, rent, interest, and
dividends. Households provide businesses with the factors of production.
Keynes ✔✔Government intervention needed in times of economic instability.
,Marx ✔✔Father of communism. Said people will rise up against government
Adam Smith ✔✔Father of capitalism. Stresses minimal government involvement in economy.
David Ricardo ✔✔Capitalist; Law of Iron Wages - wages always decrease compared to prices
Traditional Economy ✔✔Traditional practices such as farming, fishing, herding
Market Economy ✔✔Supply and demand determines prices. AKA free enterprise/capitalist
Command Economy ✔✔Government control - communist
Mixed Economy ✔✔Both market and command. Government imposes regulations, but allows
free enterprise
Monopolistic Competition ✔✔A few companies make the same product, advertise differently
Oligopoly ✔✔A few companies dominate market, control prices
, Monoploly ✔✔One company controls market
Pure Competition ✔✔Goal of capitalism - infinite companies compete
Trade Deficit ✔✔Total value of imports exceeds value of exports
Business Cycle ✔✔Expansion, Crisis, Recession, Recovery
Expansion (cycle) ✔✔GDP rises, unemployment shrinks, low interest rates
Crisis (cycle) ✔✔Stock crash, bankrupcies
Recession (cycle) ✔✔GDP drops, unemployment grows, high interest
Recovery (cycle) ✔✔Interest rates drop (~5%)
