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SS Final

Cards for Social Studies Final

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