SS Final Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Term | Definition |
Factors of Production | the materials that people combine to make something that satisfies our wants or needs |
land | the non man-made materials used to make a product or provide a service |
labor | the skills, knowledge, time, and energy of people involved in making a product or providing a service |
capital | man-made items used to produce a good or service |
wants | the desire or need for a product or service |
production | the combination of land, labor, and capital to produce goods or services |
distribution | the act of making a product or service available to the people |
consumption | the act of using a good or product. temporary satisfaction |
benefits | the positive aspects associated with a choice |
scarcity | the absence of something that results from the conflict between unlimited wants and limited resources |
opportunity cost | the most important benefit you give up because you choose something else |
traditional economy | everyone works for the good of everyone else. made up of family units. primitive |
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 |
market economy | people have a major say in economic decisions most are motivated by the opportunity to make money |
mixed economy | an economy that is a mixture of the three basic systems |
supply | the amount of goods and services producers are willing and able to offer at different prices |
law of supply | as prices go down, supply goes down, and vice versa |
demand | the amount of a product or service that consumers are willing and able to buy at different prices |
law of demand | as prices go down, demand goes up, and vice versa |
market price (equilibrium) | the price at which buyers and sellers agree to trade |
persuasive advertising | seeks to entice customers into purchasing specific goods or services, often by appealing to their emotions and general sensibilities |
informative advertising | provides the customer with hard data about the nature and function of the product |
negative advertising | advertising where attacking the competition becomes central |
bandwagon advertising | the focus becomes people's need to belong to a group |
scare tactic advertising | this advertising attempts to motivate people through fear |
traditional wisdom/nostalgic advertising | advertising where stressing that things were better in the past is key |
highbrow advertising | the ad taps into the idea that some people obsess over social status |
humorous advertising | the ad goes for laughs which may have nothing to do with the product |
statistical advertising | legitimate science is used to impress the customer |
testimonial advertising | individuals speak about their real life experiences |
A.I.D.A. | four goals of advertising: Attention, Interest, Desire, and Advertising |
slogans | words or phrases we associate with a specific product |
jingles | catchy phrases usually set to music and sung |
trademarks | a visual image associated with a product |
Gross Domestic Product (GDP) | the total, final value of products created within the borders of a nation in a year |
Gross National Product (GNP) | refers to the total value of goods and service produced by nationality, regardless of location |
economic growth | an increase in the production of goods and services which provides citizens with a higher standard of living |
inflation | general rise in the price level of goods and services. |
deflation | general decrease in the price level of goods and services |
GDP per capita | total, final value of products created within the borders of a nation in a year, divided by this nation's population |
GNP per capita | represents the value of a nationality's final output of goods and services in a year, divided by its population |
recession | two quarters (6 months) of negative economic growth |
Created by:
18lhoyt
Popular History sets