Cards for Social Studies Final
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Factors of Production | the materials that people combine to make something that satisfies our wants or needs
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| land | the non man-made materials used to make a product or provide a service
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| labor | the skills, knowledge, time, and energy of people involved in making a product or providing a service
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| capital | man-made items used to produce a good or service
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| wants | the desire or need for a product or service
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| production | the combination of land, labor, and capital to produce goods or services
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| distribution | the act of making a product or service available to the people
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| consumption | the act of using a good or product. temporary satisfaction
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| benefits | the positive aspects associated with a choice
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| scarcity | the absence of something that results from the conflict between unlimited wants and limited resources
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| opportunity cost | the most important benefit you give up because you choose something else
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| traditional economy | everyone works for the good of everyone else. made up of family units. primitive
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| command economy | you have little say in economic decisions. you will do as you are told and you will like it or else! gov't/central authority owns FOP
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| market economy | people have a major say in economic decisions most are motivated by the opportunity to make money
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| mixed economy | an economy that is a mixture of the three basic systems
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| supply | the amount of goods and services producers are willing and able to offer at different prices
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| law of supply | as prices go down, supply goes down, and vice versa
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| demand | the amount of a product or service that consumers are willing and able to buy at different prices
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| law of demand | as prices go down, demand goes up, and vice versa
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| market price (equilibrium) | the price at which buyers and sellers agree to trade
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| persuasive advertising | seeks to entice customers into purchasing specific goods or services, often by appealing to their emotions and general sensibilities
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| informative advertising | provides the customer with hard data about the nature and function of the product
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| negative advertising | advertising where attacking the competition becomes central
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| bandwagon advertising | the focus becomes people's need to belong to a group
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| scare tactic advertising | this advertising attempts to motivate people through fear
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| traditional wisdom/nostalgic advertising | advertising where stressing that things were better in the past is key
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| highbrow advertising | the ad taps into the idea that some people obsess over social status
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| humorous advertising | the ad goes for laughs which may have nothing to do with the product
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| statistical advertising | legitimate science is used to impress the customer
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| testimonial advertising | individuals speak about their real life experiences
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| A.I.D.A. | four goals of advertising: Attention, Interest, Desire, and Advertising
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| slogans | words or phrases we associate with a specific product
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| jingles | catchy phrases usually set to music and sung
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| trademarks | a visual image associated with a product
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| Gross Domestic Product (GDP) | the total, final value of products created within the borders of a nation in a year
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| Gross National Product (GNP) | refers to the total value of goods and service produced by nationality, regardless of location
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| economic growth | an increase in the production of goods and services which provides citizens with a higher standard of living
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| inflation | general rise in the price level of goods and services.
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| deflation | general decrease in the price level of goods and services
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| GDP per capita | total, final value of products created within the borders of a nation in a year, divided by this nation's population
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| GNP per capita | represents the value of a nationality's final output of goods and services in a year, divided by its population
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| recession | two quarters (6 months) of negative economic growth
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