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SS Final
Cards for Social Studies Final
| 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
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