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Final Exam (S.S)
Amendment&Supreme court cases/Economics
Question | Answer |
---|---|
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21st Amendment | prohibition repealed on the 18th amendment |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 |