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Social Studies Final
Review
| Term | Definition |
|---|---|
| Factors of Production | The materials that people combine to make something that satisfies our wants or needs. |
| 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 of providing a service. Think of it as "People Power"! |
| Capital | Man made items like tools and factories used to produce a good or service. |
| 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. Satisfaction may only be temporary. |
| 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 | Everyone works for the good of everyone else, Made up of family units. "Primitive" by some standards. |
| Command | You may have little say in economic decisions. You will do as you are told and you will like it or else! The government 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 that is a mixture of the three basic systems. |
| $ as a medium of exchange | its what you give to get something else |
| $ as a standard of value | People understand the comparative worth of an object or service when discussing its price or the money it generates. |
| $ 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. |
| $ is generally acceptable | Everyone is willing to take money in exchange of goods and services because they too will be able to use or save it. |
| $ is easily counted and measured | Makes it easy to establish, keep track of value, profits and losses. |
| $ is durable | Money last for along time and is not easily destroyed. |
| $ is convinient | 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 produce coins. |
| $ is easily controlled | In a growing economy, there must be a continuous supply of money with just the right amount available. |
| value of currency | It is officially recognized as currency by the U.S. federal government. |
| Amendment 13 | Slavery Abolished |
| Amendment 14 | no state may deny citizens' rights |
| Amendment 15 | Black men given the right to vote |
| Amendment 19 | women given the right to vote |
| Amendment 24 | poll tax outlawed |
| Amendment 26 | 18 year olds given right to vote |
| 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 go up. |
| 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. As prices go up, demand goes down. |
| market price | The price at which buyers and sellers agree to trade. |
| Need | Need for basic products such as milk and penicillin will not change when the price changes. People need milk and penicillin no matter what the price. |
| Advertising | Way consumers perceive a certain product can affect demand- styles, brand names. |
| persuasive | seeks to entice consumers into purchasing specific goods or services, often by appealing to their emotions and general sensibilities. |
| informative | provides the costumer with hard data about the nature and function of the product |
| negativity | attacking the competition becomes central |
| bandwagon | the focus becomes peoples needs to fit in |
| Scare tactics | this attempts to motivate people through fear |
| traditional wisdom/nostalgia | stressing that things were better in the past is the key |
| high brow | the ad taps into the idea that some people obsess over social status |
| humorous | the ad goes for laughs which may have nothing to do with the product. |
| statistics | legitimate science is used to impress the costumer |
| testimonials | individuals speak about their real life experiiences |
| A.I.D.A | 4 GOALS OF ADVERTISING,ATTENTION ,INTEREST, DESIRE, AND ACTION |
| slogans | words or phrases we associate with a specific product.Slogans are effective on tv or billboards ect. |
| jingles | catchy words usually set to music and sung. only works if you can hear it usually is only on TV internet or radio. |
| trademarks | a visual image associated with the product |
| Gross Domestic Product | the total, final value of products created within the borders of a nation within a year. |
| Gross National Product | Refers to the total value of goods and services produces by s nationality regardless of the location. |
| economic growth | mean an increase in the production of goods and services which provides citizens with a higher standard of living. Economic Gross of a country is measured by the increase or decrease in GDP. |
| inflation | general rise in the price level of services and goods.the rate of inflation describes how fast prices are rising. During a period of inflation, money loses its buying power. |
| deflation | general increase of price level of good and services |
| GDP per capita | total, final value of products created within the borders of a nation in a year divided by its population. Helps with understanding a global differences between nations and religions. |
| GNP per capita | Represents the value of a nationality's final output of goods and services in a year divided by its population. Its reflects the average income of a country's citizens if GNP were divided equally. |
| Recession | Two quarters of negative economic growth or 6 months of negative economic growth. |
Created by:
queennn____b
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