The GED Social Studies Test: Economics II

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. bankruptcy
    a legal process for a corporation declared to be insolvent
  2. barter
    exchange goods without involving money
  3. collective bargaining
    negotiation between an employer and a trade union
  4. competition
    business relation in which two parties vie to gain customers
  5. consumer
    a person who uses goods or services
  6. currency
    the metal or paper medium of exchange that is presently used
  7. economics
    science dealing with the circulation of goods and services
  8. embargo
    a government order imposing a trade barrier
  9. entrepreneur
    someone who organizes a business venture
  10. gold standard
    system that defines money's value in terms of precious metal
  11. minimum wage
    the lowest salary that an employer is allowed to pay
  12. per capita
    relating to each person individually
  13. scarcity
    a small and inadequate amount
  14. stockholder
    someone who holds shares of stock in a corporation
  15. subsidy
    a grant of financial assistance, especially by a government
  16. union
    an employee organization that bargains with an employer
Created on Fri Mar 05 12:53:17 EST 2021 (updated Mon Mar 22 11:48:09 EDT 2021)

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