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WSC Social Studies Key Terms 2018

guess key term based on description
Quiz by adnanref
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Last updated: November 13, 2018
First submittedNovember 13, 2018
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fundamental economic concept that describes the total amount of a specific good or service that is available to consumers.
supply
An uncertain future act or event, the occurrence of which determines the existence or extent of an interest or right, or liability or obligation; or which initiates, halts, or terminates the performance of a duty.
condition
refers to illegal economic activity.
underground economy
illicit economic activity existing alongside a country's official economy, e.g. black market transactions and undeclared work.
shadow economy
income illegally obtained or not declared for tax purposes.
black money
the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses.
money laundering
is a situation when the price charged is more than or less than the price determined by market forces of demand and supply.
price ceilings
steady state disequilibrium in which the quantity supplied does not equal the quantity demanded.
market failure
goods that have been imported or exported illegally.
contraband
is any text or media that is formatted into a binary source and includes the right to use it.
digital asset
is the part of an economy that is neither taxed, nor monitored by any form of government.
informal economy
does not report to the tax authority the amount of income that is to be reported.
unreported economy
an illegal traffic or trade in officially controlled or scarce commodities.
black market
an unofficial market in goods that have not been obtained from an official supplier.
grey market
the legal, official, authorized, or intended market for goods and services.
white market
Offense of accepting or agreeing to accept money or other consideration for not disclosing information that may result in the prosecution of a perpetrator.
compounding crime
made in imitation so as to be passed off fraudulently or deceptively as genuine;
counterfeiting
move (goods) illegally into or out of a country.
smuggling
The maximum output that a business can produce in a given period with the available resources.
capacity
type of business agreement that is spoken, not memorialized in writing.
oral contract
an agreement made on a printed document that has been signed by both the lender and the borrower.
written contract
a contract drafted by one party (usually a business with stronger bargaining power) and signed by another party (usually one with weaker bargaining power, usually a consumer in need of goods or services).
adhesion contract
a law that controls the way that a business can operate.
legal regulation
When a financial market or industry is controlled by a government organization
statutory regulation
steps and precautions that the business must take to ensure that the corporation remains legally distinct from its owners.
formalities
The way a right is enforced by a court of law when injury, harm, or a wrongful act is imposed upon another individual.
remedies
a judicial concept which holds that contracts are based on mutual agreement and free choice.
freedom of contract
a general idea that once parties duly enter into a contract, they must honor their obligations under that contract.
sanctity of contract
A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances.
negligence
terms stated (either verbally or in writing) in a contract.
express terms
the action or offence of giving a false or misleading account of the nature of something.
misrepresentation
threats, violence, constraints, or other action used to coerce someone into doing something against their will or better judgement.
duress
a property or other asset that a borrower offers as a way for a lender to secure the loan.
collateral
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a favour or advantage granted in return for something.
quid pro quo
the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.
caveat emptor
unforeseeable circumstances that prevent someone from fulfilling a contract.
force majeur
a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract.
smart contracts
a market in which securities are bought and sold.
stock exchange
a market in which futures [contracts for assets (especially commodities or shares) bought at agreed prices but delivered and paid for later] contracts are bought and sold.
futures market
the product of negotiations between two or more sovereign nations that dictate the terms of the acceptable exchange of goods and services between the parties.
trade agreement
the belief that economies and businesses function best when there is no interference by the government.
laissez-faire
a decision that leads to at least as good a known or expected outcome as all other available decision options.
optimal
A negotiated and usually legally enforceable understanding between two or more legally competent parties.
agreement
a company's financial debt or obligations that arise during the course of its business operations.
liabilities
a legal cause of action and a type of civil wrong, in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance.
breach of contract
a legal principle that precludes a person from alleging facts that are contrary to his previous claims or actions.
estoppel
In tort law (grounds for lawsuits), a duty of care is a legal obligation which is imposed on an individual requiring adherence to a standard of reasonable care while performing any acts that could foreseeably harm others.
duty of care
a consumer's desire and willingness to pay a price for a specific good or service.
demand
a loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved.
deadweight loss
the imposition of rules by government, backed by the use of penalties that are intended specifically to modify the economic behaviour of individuals and firms in the private sector.
regulation
any profit-maximizing producer faces a market price equal to its marginal cost
perfect competition
a single seller, selling a unique product in the market.
monopoly
A means by which governments finance their expenditure by imposing charges on citizens and corporate entities.
taxes
are used to restrict imports by increasing the price of goods and services purchased from overseas and making them less attractive to consumers.
tariffs
an outdoor sale at which people sell unwanted possessions, typically from the boots of their cars
car boot sales
a gathering at which enthusiasts or collectors trade or exchange items of common interest.
swap meets
The record of all the Bitcoin transactions.
blockchain ledgers
No central or fixed location that controls all the transactions.
decentralized
The process of answering very difficult mathematical calculations to confirm all the current Bitcoin transactions, which is rewarded by a number of new Bitcoins being given to the miner.
mining
The place where the Bitcoin code is stored.
wallet
A number which is required for a private individual to receive a Bitcoin transaction
private key
An economy in which goods are traded using money or exchanged for other goods.
exchange economy
an Arab market or marketplace
souq
a market in a Middle Eastern country.
bazaar
the simultaneous purchase and sale of an asset to profit from a difference in the price.
arbritrage
a government order that restricts commerce or exchange with a specified country or the exchange of specific goods.
embargo
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