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final
| Term | Definition |
|---|---|
| amendment 13 | slavery abolished |
| amendment 14 | no state may deny citizens of their rights |
| amendment 15 | black men have the right to vote |
| amendment 16 | income tax allowed |
| amendment 19 | women have the right to vote |
| amendment 18 | prohibition |
| amendment 21 | prohibition repealed |
| amendment 22 | president limited to 2 terms |
| amendment 24 | poll tax outlawed |
| amendment 25 | presidential succession denied |
| amendment 26 | 18 years old people are given the right to vote |
| amendment 27 | restrictions on congressional pay raise |
| land | all of the non man-made resources used to make a product or provide a service |
| labor | people power |
| capital | man made items like tools and factories used to produce a good or service |
| 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 given up because one chooses the other choice |
| traditional economy | everyone works for the good of the community |
| command economy | government controls the factors of production |
| persuasive | seeks to entice customers into purchasing their products |
| informative | provides the consumer with data and statistics |
| negativity | attacking the competition |
| band wagon | the focus becomes on peoples needs to be part of a social group |
| scare tactics | attempts to motivate people through fear |
| traditional wisdom | stressing that things in the past are better |
| high brow | uses the idea of popularity |
| humorous | the ad makes the consumer laugh and has nothing to do with the product |
| statistics | legitimate science used to impress the consumer |
| testimonials | individuals speak about as positive experience they had with the product |
| AIDA | Attention Interest Desire Action |
| slogan | a word or phrase we associate with a product. Effective in print, billboards, TV, and internet |
| jingle | catchy phrase usually set to music and sung only works if one can hear it |
| trademark | a visual image image used with a product one has to be able to see it |
| market economy | 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 |
| weakness of bartering | inconvenient in today's economy |
| money as a medium of exchange | 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 | people understand the comparative worth of an object or service when discussing the price of the money it generates |
| money as a store of value | 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 | everyone is willing to take money in exchange for goods or services because they to will be able to use or save it |
| money is easily counted and measured | makes it easy to establish prices, keep track of value, profits and losses |
| money is durable | money lasts for a long time and is not easily destroyed |
| money is convenient | it is easy to carry and use |
| money is cheap to produce | 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 | in a growing economy, there must be a continuous supply of money with just the right amount available |
| money is a value of currency | it is the officially recognized as the currency by the US federal government |
| supply | the amount of goods and service producers are willing and able to offer at different prices |
| law of supply | as prices go down so does supply |
| 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 |
| market price | the price at which buyers and sellers agree to trade |
| inflation | the general in the prices of goods and services throughout the economy |
| deflation | decrease in overall price level |
| gross domestic product GDP | the total dollar value of all final goods and services produced and sold in the country in a year |
| economy | a system of producing and distributing good and services to fulfill people's wants |
| economic growth | an increase in the production of goods and services which provide citizens with higher standard of living |
| recession | a slowdown in economic activity and production |
| judicial review | the supreme court's power to overturn any law that it decides is in conflict conflict of the constitution |
| income tax | a tax on what individuals and businesses earn |
| consumption | the act of buying or using goods or services |
| consumer | a person who uses or consumes goods to satisfy his or her wants |
Created by:
18mginsberg
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