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Economy
| Term | Definition |
|---|---|
| Factors of Production (F.O.P.) | The materials that people combine to make something that satisfies our wants or needs |
| Land | The non man-made materials (natural resources)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 like tools and factories used to produce a good or service |
| Wants | The desire or need for a product of 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 |
| 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 that you give up because you choose something else. |
| Traditional | Everyone works for the good of everyone else |
| Command | You have little to say in economic decisions. |
| Market | People have a major say in economic decisions. |
| Mixed | An economy that is a mixture of the three basic systems. |
| Supply | 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 | The amount of a product or service that costumers are willing to buy at different prices. |
| Law of demand | As prices go down, the demand goes up. As prices go up, the demand goes down. |
| Market price | The price at which buyers and sellers agree to trade. |
| Persuasive | seeks to entice customers into purchasing specific goods or services, often by appealing to their emotions and general sensibility. |
| Informative | Provides the customer with hard data about the nature and function of the product. |
| Negativity | Attacking the competition becomes central. |
| Bandwagon | The focus becomes people's need to belong to a group. |
| Scare tactics | This attempts to motivate people through fear. |
| Traditional wisdom/ nostalgia | Stressing that things were better in the past is the key. |
| High brow | The ad taps into the idea that some people obsess over social status. |
| Humorous | The ad goes for laughs which may have nothing to do with the product. |
| Statistics | Legitimate science is used to impress the consumer. |
| Testimonials | Individuals speak about their real life experiences. |
| A.I.D.A. | The four goals of advertising |
| Slogans | Words or phrases we associate with a specific product. |
| Jingles | Catchy phrases usually set to music or sung. |
| Trademarks | A visual image associated with the product. |
| Gross domestic product | The total, final value of products created within the boarders of a nation in a year. |
| Gross national product | 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 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 of goods and services. |
| GDP per capita | Total, final value of products created within the borders of a nation in a year, divided by it's population. |
| GNP per capita | Represents the value of a nationality's final output of goods and services in a year, divided by it's population. |
| Recession | Two quarters of negative economic growth or 6 months of negative economic growth. |
| 13th amendment | slavery abolished |
| 14th amendment | No state may deny citizens'rights |
| 15th amendment | Black men given the right to vote |
| 16th amendment | income tax allowed |
| 18th amendment | prohibition |
| 19th amendment | women given the right to vote |
| 21st amendment | Prohibition repealed |
| 22nd amendment | President limited to two terms |
| 24th amendment | poll tax outlawed |
| 25th amendment | Presidential success defined |
| 26th amendment | 18 year olds given the right to vote |
| 27th amendment | Restrictions placed on Congressional pay raises |
Created by:
18acolangelo
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