Finals key terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| 13th Amendment | Slavery Abolished
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| 14th | No State may deny citizens rights
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| 15th | Black Men can vote
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| 19 | women given right to vote
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| 24 | poll tax outlawed
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| 26 | 18 year olds given right to vote
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| 16 | income tax allowed
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| 18 | prohabition
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| 21 | prohibition reapealed
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| 22 | president limited to 2 terms
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| 25 | presidential succession defined
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| 27 | restrictions on Congressional pay raise
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| Factors of production | Land Labor and capitol
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| Testimonials | People talking about their real experiences
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| Land Definition | The non man made materials used to make a product
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| labor Definition | The skills, knowledge, time and energy of people involved in making a product.
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| Capitol | Man made items like tools and factories used to producea 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 capitol in order to create a product.
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| Distrabution | The act of making a product or service available to people.
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| Consumption | The act of using a good or product.
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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 that you give up because you chose something else.
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| Traditional Economic System | Everyone works for the good of everyone else. Made up of family units. Primitive by some standards.
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| Command | You have little to say in economic decisions You will do as you are told and you will like it or else. The gov. or central authority controls the F.O.P
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| Market | People have a major say in economic decisions. Most are motivated by the opportunity to make money.
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| Mixed | An economy this is a mixture of three basic symptoms.
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| Weakness of bartering? | Inconvenient in today's economy.
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| $ and a medium of exchange | It's what you give to get something else. People accept it because they can used it for the same purpose.
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| $ as a standard of value | People who understand the comparative worth of an object or service when discussing it's price or $ it generates.
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| $ as a store of value | It can be recognized when you decide to keep it instead of spending it.
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| $ is generally acceptable. | Everyone is willing to take money in exchange for goods and services because they too will be able to use or save it.
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| $ is easily counted and measured | Makes it easy to establish prices, keep track of value, profits and losses
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| $ is durable | Money lasts for a long time and is not easily destroyed.
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| $ is convenient | It is easy to carry and use.
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| $ is cheap to produce | Today's paper money and coins are much less expensive to make in comparison to the past practice of mining for precious metals to make coins.
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| $ is easily controled | IN a growing economy there must be a continuous supply of money with just the right amount avalible.
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| Value of currency | it is officially recognized as currency by the U.S federal government.
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| Supply | The amount of goods and service producers are willing and able to offer at different prices.
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| Law of supply | As prices go down supply goes down. As prices rise supply goes up.
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| demand | The amount of a product or service that consumers that consumers are willing and able to to buy at different prices.
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| Law of demand | As prices go down demand goes up. As prices go up, demand goes down.
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| Market Prices | The price at witch buyers and sellers are willing to trade.
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| Persuasive | Seeks to into purchasing specific goods or services, often by appealing to their emotion and general sensibility.
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| Informative | Provides customer with hard data about the nature and the function of the product.
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| Negativity | Attacking the competition becomes central.
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| Bandwagon | The focus becomes peoples need to belong to a group.
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| Scare tactics | This attempts to motivate people through fear.
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| Traditional wisdom | Stressing that things where better in the past.
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| High brow | Only for rich people and the higher class.
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| Statistics | Legitament scientific proof of why the product is good.
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| Testimonial | Individuals speak about real life experiences.
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| A.I.D.A | Four goals of advertising attention, interest, desire, and action.
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| Slogans | Catchy words or phrases that stick in your head and make you think about a product.
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| Jingles | Music that sticks in your head and makes you think of their product.
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| Trademarks | A visual image that immediately registers with a product
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| Gross Domestic Product | The total final value products created within borders of a nation in a year.
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| Gross National Product | Refers to the total value of goods and services produced by a nationality, regardless of location.
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| Economic Growth | An increase in the production of goods and services which provides citizens with higher living standaerds
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| Inflation | General rise in the price of a product.
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| Deflation | The general decrease of the price of a good or service.
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| Recession | Two quarters of negative economic growth or 6 months of negative economic growth.
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Created by:
corya
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