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Final Exam (S.S)

Amendment&Supreme court cases/Economics

13th Amendment slavery is abolished
14th Amendment states an not deny their citizens rights
15th Amendment African american men are allowed to vote
19th Amendment women given the right to vote
24th Amendment poll tax outlawed
26th Amendment 18 year old given right to vote
16th Amendment income tax allowed
18th Amendment prohibition of alcohol
21st Amendment prohibition repealed on the 18th amendment
22nd Amendment president limited to two terms
25th Amendment presidential succession defined
27th Amendment restrictions placed on congressional pay raises
Factors of Production: the Materials that people combine to make something that satisfies our wants or need
land the non man-made materials (natural resources) used to make a product or provide a service
labor the skills, knowledge ,time and energy of people involved in making a product or providing a service.
capital man made items like tools and factories used to produce a good an service
Production to Consumption: wants the desire or need for a product or service
production the combination of the land, labor, and capital to make a good or provide a service
distribution the act of making a product or service available to people.
consumption the act of using a good or product.
Making Choices: 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.
Economic Systems: traditional Everyone works for the good of everyone else. Made up of family units.
command you have little say in economic decisions. you will do as you are told and you will it or else .The government or central authority controls F.O.P.
market people
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