TOEFL · Social Sciences & Economy · Advanced

• capitalism

  n. an economic system based on private ownership

  Capitalism rewards private enterprise.

• socialism

  n. a system where the state controls production

  Socialism stresses shared ownership.

• monetary

  adj. relating to money or currency

  The central bank set monetary policy.

• fiscal

  adj. relating to government finances

  The government tightened fiscal spending.

• deficit

  n. the amount by which spending exceeds income

  The nation ran a large budget deficit.

• surplus

  n. an amount left over beyond what is needed

  The country had a trade surplus.

• liquidity

  n. the ease of turning assets into cash

  The bank lacked enough liquidity.

• equity

  n. fairness, or ownership value in a firm

  The policy promotes social equity.

• commodity

  n. a basic good traded in markets

  Oil is a globally traded commodity.

• monopoly

  n. exclusive control of a market by one firm

  A monopoly can raise prices freely.

• oligopoly

  n. control of a market by a few firms

  An oligopoly limits real competition.

• subsidy

  n. money given by the state to support an activity

  Farmers received a government subsidy.

• tariff

  n. a tax on imported goods

  The tariff raised the price of imports.

• quota

  n. a fixed limit on amount or number

  A quota caps the number of imports.

• collateral

  n. property pledged to secure a loan

  The house served as collateral.

• depression

  n. a long, severe economic downturn

  The depression left millions without work.

• stagnation

  n. a period of little or no growth

  Economic stagnation worried investors.

• volatility

  n. the tendency to change sharply

  Market volatility scared small investors.

• speculation

  n. risky trading hoping for quick profit

  Speculation drove housing prices up.

• arbitrage

  n. profiting from price gaps between markets

  Traders used arbitrage to gain profit.

• sovereignty

  n. the supreme authority of a state

  The treaty respected national sovereignty.

• legitimacy

  n. the quality of being lawful or accepted

  The election gave the leader legitimacy.

• ideology

  n. a system of political beliefs

  Their ideology shaped national policy.

• bureaucracy

  n. a system of complex official rules

  Bureaucracy slowed the approval process.

• governance

  n. the way a body is controlled and run

  Good governance reduces corruption.

• coalition

  n. a temporary alliance of groups or parties

  The parties formed a ruling coalition.

• referendum

  n. a direct public vote on an issue

  The referendum decided the new law.

• suffrage

  n. the right to vote in elections

  Women gained suffrage in the last century.

• autonomy

  n. the right of self-government

  The region demanded greater autonomy.

• hegemony

  n. dominance of one group over others

  The empire held cultural hegemony.

• assimilation

  n. the absorbing of a group into a culture

  Assimilation reshaped immigrant communities.

• stratification

  n. the division of society into layers

  Income stratification widened over time.

• mobility

  n. the ability to move between social classes

  Education boosts social mobility.

• marginalization

  n. the pushing of a group to the edges of society

  Poverty leads to marginalization.

• discrimination

  n. unfair treatment of a group

  The law bans discrimination at work.

• prejudice

  n. an unfair opinion formed in advance

  Prejudice harms social trust.

• solidarity

  n. unity based on shared interests

  Workers showed solidarity in the strike.

• cohesion

  n. the state of sticking together as a group

  Shared values build social cohesion.

• demography

  n. the study of human populations

  Demography tracks birth and death rates.

• fertility

  n. the rate of births in a population

  The country's fertility rate fell sharply.

• longevity

  n. long duration of life

  Better diets increased human longevity.

• cohort

  n. a group sharing a common feature in a study

  The cohort included people born in 1980.

• paradigm

  n. a typical pattern or model of thought

  The crisis shifted the economic paradigm.

• empirical

  adj. based on observation and experiment

  The claim rests on empirical evidence.

• theoretical

  adj. based on theory rather than practice

  The model is purely theoretical.

• quantitative

  adj. based on measurable numerical data

  The study used quantitative methods.

• qualitative

  adj. based on qualities rather than numbers

  Interviews provided qualitative data.

• causation

  n. the relationship of cause and effect

  Correlation does not prove causation.

• bias

  n. a tendency that distorts judgment

  The survey had a clear sampling bias.

• heuristic

  n. a mental shortcut for solving problems

  People use heuristics to decide quickly.

• cognitive

  adj. relating to thinking and knowing

  Cognitive bias affects decision making.

• behavioral

  adj. relating to how people act

  Behavioral studies inform policy design.

• conformity

  n. behavior matching group expectations

  Conformity can suppress new ideas.

• deviance

  n. behavior that breaks social norms

  Deviance is defined by social rules.

• socialization

  n. the process of learning social norms

  Socialization shapes a child's values.

• acculturation

  n. cultural change from contact between groups

  Acculturation blended the two traditions.

• ethnography

  n. the detailed study of a culture

  The ethnography described village life.

• kinship

  n. family relationship and descent

  Kinship ties shape rural society.

• secular

  adj. not connected with religion

  Many states have a secular government.

• indigenous

  adj. originating naturally in a region

  Indigenous peoples preserved ancient customs.

• exploitation

  n. unfair use of someone for gain

  Labor exploitation harmed the workers.

• accountability

  n. the duty to answer for one's actions

  Voters demand government accountability.

• transparency

  n. openness in how decisions are made

  Transparency reduces public distrust.

• corruption

  n. dishonest use of power for gain

  Corruption weakened the institution.

• nationalism

  n. strong loyalty to one's nation

  Rising nationalism shaped the election.

• globalization

  n. the worldwide spread of trade and ideas

  Globalization linked distant markets.

• privatization

  n. the transfer of public assets to private hands

  Privatization changed the rail system.

• deregulation

  n. the removal of government rules

  Deregulation increased market risk.

• redistribution

  n. the sharing out of wealth more evenly

  Taxes allow income redistribution.

• externality

  n. a side effect on others not in a deal

  Pollution is a classic externality.

• depreciation

  n. a fall in the value of an asset

  Depreciation lowered the car's worth.

• appreciation

  n. a rise in the value of an asset

  Currency appreciation hurt exports.

• elasticity

  n. how much demand responds to price

  Luxury goods show high elasticity.

• utility

  n. the satisfaction gained from a good

  Consumers seek to maximize utility.

• scarcity

  n. a limited supply relative to wants

  Scarcity drives the price of gold.

• allocation

  n. the way resources are distributed

  Efficient allocation reduces waste.

• aggregate

  adj. combined into a single total

  Aggregate demand shapes the economy.

• marginal

  adj. relating to a small added amount

  The marginal cost of one more unit was low.

• mediate

  v. to help two sides reach agreement

  The envoy mediated the dispute.

• implement

  v. to put a plan into action

  The state implemented the new policy.

• undermine

  v. to weaken something gradually

  Corruption can undermine democracy.

• exacerbate

  v. to make a problem worse

  The tariff exacerbated the conflict.

• alleviate

  v. to make suffering less severe

  Aid helped alleviate the famine.

• perpetuate

  v. to cause something to continue

  Poverty can perpetuate inequality.

• facilitate

  v. to make a process easier

  Trade deals facilitate global commerce.

• correlate

  v. to show a mutual relationship

  Education correlates with higher income.

• designate

  v. to officially assign or name

  The area was designated a free zone.

• constrain

  v. to limit or restrict

  Budget rules constrain spending.

• intervene

  v. to step in to change a situation

  The central bank intervened in the market.

• prevalent

  adj. widespread and common

  Inequality is prevalent in big cities.

• systemic

  adj. affecting a whole system

  The crisis exposed systemic risk.

• disparity

  n. a great difference between things

  The wealth disparity kept growing.

• consensus

  n. general agreement among a group

  The committee reached a consensus.

• mandate

  n. official authority to act

  The vote gave the leader a clear mandate.

• sanction

  n. a penalty imposed to enforce rules

  The nation faced economic sanctions.

• incentivize

  v. to motivate with a reward

  Tax breaks incentivize investment.

• proliferate

  v. to increase rapidly in number

  Online businesses proliferated quickly.

• entrepreneur

  n. a person who starts a business

  The entrepreneur built a global brand.

• philanthropy

  n. the giving of money to good causes

  Her philanthropy funded many schools.

• meritocracy

  n. a system where success is based on ability

  A meritocracy rewards talent over wealth.

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