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final prep

Finals key terms

13th Amendment Slavery Abolished
14th No State may deny citizens rights
15th Black Men can vote
19 women given right to vote
24 poll tax outlawed
26 18 year olds given right to vote
16 income tax allowed
18 prohabition
21 prohibition reapealed
22 president limited to 2 terms
25 presidential succession defined
27 restrictions on Congressional pay raise
Factors of production Land Labor and capitol
Testimonials People talking about their real experiences
Land Definition The non man made materials used to make a product
labor Definition The skills, knowledge, time and energy of people involved in making a product.
Capitol Man made items like tools and factories used to producea good or service
Wants The desire or need for a product or service.
Production The combination of land labor and capitol in order to create a product.
Distrabution 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 chose something else.
Traditional Economic System Everyone works for the good of everyone else. Made up of family units. Primitive by some standards.
Command You have little to say in economic decisions You will do as you are told and you will like it or else. The gov. or central authority controls the F.O.P
Market People have a major say in economic decisions. Most are motivated by the opportunity to make money.
Mixed An economy this is a mixture of three basic symptoms.
Weakness of bartering? Inconvenient in today's economy.
$ and a medium of exchange It's what you give to get something else. People accept it because they can used it for the same purpose.
$ as a standard of value People who understand the comparative worth of an object or service when discussing it's price or $ it generates.
$ as a store of value It can be recognized when you decide to keep it instead of spending it.
$ is generally acceptable. Everyone is willing to take money in exchange for goods and services because they too will be able to use or save it.
$ is easily counted and measured Makes it easy to establish prices, keep track of value, profits and losses
$ is durable Money lasts for a long time and is not easily destroyed.
$ is convenient It is easy to carry and use.
$ 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 make coins.
$ is easily controled IN a growing economy there must be a continuous supply of money with just the right amount avalible.
Value of currency it is officially recognized as currency by the U.S 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 supply goes down. As prices rise supply goes up.
demand The amount of a product or service that consumers that consumers are willing and able to to buy at different prices.
Law of demand As prices go down demand goes up. As prices go up, demand goes down.
Market Prices The price at witch buyers and sellers are willing to trade.
Persuasive Seeks to into purchasing specific goods or services, often by appealing to their emotion and general sensibility.
Informative Provides customer with hard data about the nature and the function of the product.
Negativity Attacking the competition becomes central.
Bandwagon The focus becomes peoples need to belong to a group.
Scare tactics This attempts to motivate people through fear.
Traditional wisdom Stressing that things where better in the past.
High brow Only for rich people and the higher class.
Statistics Legitament scientific proof of why the product is good.
Testimonial Individuals speak about real life experiences.
A.I.D.A Four goals of advertising attention, interest, desire, and action.
Slogans Catchy words or phrases that stick in your head and make you think about a product.
Jingles Music that sticks in your head and makes you think of their product.
Trademarks A visual image that immediately registers with a product
Gross Domestic Product The total final value products created within borders of a nation in a year.
Gross National Product Refers to the total value of goods and services produced by a nationality, regardless of location.
Economic Growth An increase in the production of goods and services which provides citizens with higher living standaerds
Inflation General rise in the price of a product.
Deflation The general decrease of the price of a good or service.
Recession Two quarters of negative economic growth or 6 months of negative economic growth.
Created by: corya