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final prep
Finals key terms
| Term | Definition |
|---|---|
| 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
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