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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amendment 21 prohibition repealed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