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Social Studies Exam!

Study Cards for Exam

TermDefinition
Land The non man-made materials (natural resources) used to make a product or provide a service.
Labor The skills,knowledge, time and energy or people involved in making a product or providing a service. "people power"
Capital Man-made items like tools and factories used to produce a good or service
Factors of Production (FOP) The materials that people combine to make something that satisfies our wants or needs.
Wants The desire or need for a product or service.
Production The combination of the land, labor, and capital to make a good or provide a service.
Distribution The act of making a product or service available to people.
Consumption The act of using a good or product. (Satisfaction may only be temporary)
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 benefits that you GIVE UP because you chose something else.
Traditional Economy Everyone works for the good of everyone else. Made up of family units. ("Primitive" by some standards)
Command Economy You have little say in economic decisions. You will do as you are told and you will like it! (or else..) The government or central authority controls the F.O.P (factors of production)
Market Economy The people have 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. (Traditional,Command, and Market.)
Who owns resources? The people that have land, labor and capital.
What will be produced? The products or goods that are in demand.
How will it be produced? The owners on the F.O.P will produce with their land, labor, and capital and distribute it to the company willing to sell it.
Who gets what? The consumers that are demanding the product.
Weakness of Bartering Inconvenient in today's economy
Money($)As a Medium Of Exchange Function: It's what you give to get something else. People accept it because they can use it for the same purpose.
Money($) As a Standard Of Value Function: People understand the comparative worth of an object or service when discussing its price or the money it generates.
Money($) As a Store of Value Function: It can be recognized when you decide to keep it instead of spending it. You are storing it for use in the future.
Money($)Is Generally Acceptable Characteristic: Everyone is willing to take money in exchange for goods and services because they too will be able to use or save it.
Money Is Easily Counted and Measured Characteristic: Makes it easy to establish prices, keep track of value, profits, and losses.
Money is Durable Characteristic: Money lasts for a long time and is not easily destroyed
Money is Convenient Characteristic: It is easy to carry and use.
Money is Cheap to Produce Characteristic: Today's paper money and coins are much less expensive to make in comparison to the past practice of mining for precious metals to produce coins.
Money is Easily Controlled Characteristic: In a growing economy, there must be a continuous supply of money with just the right amount available.
Value Of Currency It is officially recognized as currency by the U.S Federal Government.
Supply in Market Economies The amount of goods and service producers are willing and able to offer at different prices.
Law of Supply As prices go down, supply goes down. As prices rise, supply goes up.
Demand in Market Economies The amount of a product or service that consumers are willing to buy at different prices.
Law of Demand As prices go down, demand goes up. As prices goes up, demand goes down.
Market Price The price at which buyers and sellers agree to trade.
Factors Affecting Price 1.)Need- Need for basic products such as milk and penicillin will not change the price changes. People need milk and penicillin no matter what the price 2.) Advertising- Way consumers perceive a certain product can affect demand- styles, brand names etc
Persuasive Advertising Seek to entice consumers into purchasing specific goods or services, often by appealing to their emotion and general sensibilities.
Informative Advertising Provides the customer with hard data about the nature and function of the product
Negativity Advertising Attacking the competition becomes central
Bandwagon Advertising The focus becomes people's need to belong in a group
Scare Tactics This attempts to motivate people through fear
Traditional Wisdom/ Nostalgia Advertising Stressing that things were better in the past is the key
High Brow 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
Statistics Legit science is used to impress the consumer
Testimonials Individuals speak about their real-life experiences
A.I.D.A 4 goals of advertising: Attention, Interest, Desire, and Action
Slogans Words or phrases we associate with a certain product. Seen on Billboards, TV, etc
Jingles Catchy phrases usually set to music and sung Effective anywhere it can be heard
Trademarks A visual image associated with a product.. Effective anywhere
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 services produced by nationality, regardless of location
Economic Growth Means an increase in the production of goods and services which provides citizens with higher standard of living. Measured by the increase or decrease in the GDP
Inflation General Rise in the price level of goods and services
Deflation General Decrease in the price level of goods and services
GDP Per Capital Total, Final Value of products created within the border of a nation, DIVIDED by its population.
GNP Per Capital Represents the value of a nationality's final output of goods and services in a year, DIVIDED by the population.
Recession Two quarters of negative economic growth or 6 months of negative economic growth
Amendment 13 (XIII) Abolished Slavery
Amendment 14 (XIV) No State may deny citizen's rights
Amendment 15 (XV) Black men giving the right to vote
Amendment 16 (XVI) Income Tax allowed
Amendment 18 (XVIII) Prohibition
Amendment 19 (XIX) Women given the right to vote
Amendment 21 (XXI) Prohibition Repealed
Amendment 22 (XXII) President limited to two terms
Amendment 24 (XXIV) Poll tax outlawed
Amendment 25 (XXV) Presidential succession defined
Amendment 26 (XXVI) 18 yr olds are given the right to vote
Amendment 27 (XXVII) Restrictions placed on Congressional pay raises
Dred Scott vs Sandford This case made "Separate but equal" exist
Plessy vs Fergusson This case made an impact on Amendment XIV and separate but equal
Created by: danaxD