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Economics
| Question | Answer |
|---|---|
| What is labor? | The skills, knowledge, time and energy of people involved in making a product or provideing a service. Think of it as "People Power!" |
| What is a capital? | Man made items like tools and factories used to produce a good or service. |
| What is a want? | The desire or need for a product or service. |
| What is production? | The combination of the land, labor, and capital to make a good or provide a service. |
| What is distribution? | The act of making a product or service availible to people. |
| What is consumption? | The act of using a good or product. Satisfaction may only be temporary. |
| What are benefits? | The positive aspects associated with a choice. |
| What is scarcity? | The absense of something that results from the conflict between unlimited wants and limited resources. |
| What is opportunity cost? | The most important benefit that you give up because you chose something else. |
| What is traditional? | Everyone works for the good of everyone else. Made up of family units. "Primitive" by some standards. |
| What is command? | 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. |
| What is market? | People have a major say in economic decisions. Most are motivated by the opportunity to make money. |
| What is mixed? | An economy that is a mixture of the three basic systems. |
| Who owns resources? | Traditional: People usually own their own resources. Command: The government Market: The people |
| What will be produced? | Traditional: People in a tribe want to produce "game." Command: The government decides. Market: Food, phones |
| How will it be produced? | Traditional: The tribe members all use the same weapons and methods to hunt. Command: The government decides. Market: The people create businesses. |
| Who gets what is produced? | Traditional: People might split the hunt either by their role in hunting or the number of members in their family. Command: Depends on leaders' values. Market: Whoever can pay for what's produced. |
| What is the weakness of bartering? | It is inconvenient in today's economy. |
| What are slogans? | Words or phrases we associate with a spacific product. They are effective in print, on billborda, on the TV and internet |
| What are jingles? | Catchy phrases usually set to music and sung. This only works if you can hear it, so it is most affective on TV, radio and internet |
| What are trademarks? | A visual image associated with a product. Effective anywhere it can be seen, this often times even appears noticeably on the product its self. |
| What does A.I.D.A. stand for? | A- Attention I- Interest D- Desire A- Action |
| Amendment 13? | Slavery abolished |
| Amendment 14? | No state may deny citizens' rights |
| Amendment 15? | Black men given the right to vote |
| Amendment 19? | Women given the right to vote |
| Amendment 24? | poll tax outlawed |
| Amendment 26? | 18 year olds given the right to vote |
| Amendment 16? | income tax allowed |
| Amendment 18? | Prohibition |
| Amendment 21? | Prohibition repealed |
| Amendment 22? | President limited to two terms |
| Amendment 25? | President succession defined |
| Amendment 27? | restrictions placed on congressional pay raises |
| What is supply? | The amount of goods and services producers are willing and able to offer at different prices |
| What is the Law of Supply? | As prices go down, supply goes down. As prices go rise, supply goes up. |
| What is demand? | The amount of a product or service that consumers are willing and able to buy at different prices |
| What is the Law of Demand? | as prices go down, demands go up. As prices go up demands go down. |
| What is market price (equilibrium)? | The price at which buyers and sellers agree to trade. |
| What is a need? | Need for basic products such as milk and penicillin will not change when the price changes. People need milk and penicillin no matter what the price. |
| What is advertising? | Way comcumers perceive a certain product can affect demand- styles, brand names. |
| What does persuasive mean? | Seeks to entice consumers into purchasing specific goods or services, often by appealing to their emotions and general sensibilities |
| What does informative mean? | Provides the consumer with hard data about the nature and function of the product |
| What does negativity mean? | Attacking the competition becomes central. |
| What does bandwagon mean? | The focas becomes people's need to belong to a group. |
| What does scare tactics mean? | This attempts to motivate people through fear |
| What does tradic |
Created by:
18gbitterman
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