Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Social Studies Finae
review for final
| 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 or providing a service. (people power) |
| capital | man made items like tools and factories used to produce a good or 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. satisfaction may only be temporary. |
| 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. "primitive" by some standards. |
| command | you 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 decision. most are motivated by the opportunity to make money. |
| mixed | an economy that is a mixture of the three basic systems. |
| BARTERING vs MONEY | |
| weakness of bartering | inconvenient in today's economy |
| $ as a medium of exchange (F) | its what you give to get something else. people accept it because they can use it for the same purpose. |
| $ as a standard of value (F) | people understand the comparative worth of an object or service when discussing its price or the money it generates. |
| $ as a store of value (F) | 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 (C) | everyone is willing to take money in exchange for goods and services because they too will be able to use it or save it. |
| $ is easily counted and measured (C) | makes it easy to establish prices, keep track of value, profits an losses. |
| $ is durable (C) | money last for a long time and is not easily destroyed. |
| $ is convenient (C) | it is easy to carry and use. |
| $ is cheap to produce (C) | 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 (C) | 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. |
| MARKET ECONOMIES | |
| 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 are willing and able to buy at different prices. |
| law of demand | as prices go down, supply goes up. as prices go up, demand goes down. |
| market price (equilibrium) | the price at which buyers and sellers are willing to trade. |
| ADVERTISING | |
| persuasive | seeks to entice consumers into purchasing specific goods or services, often by appealing to their emotions and general sensibilites |
| informative | provides the customer with hard data about the mature and function of the product |
| negativity | attacking the competition becomes central |
| bandwagon | the focus becomes people's need to belong to a group |
| scare tactics | the attempts to motivate people through fear |
| traditional wisdom/nostalgia | stressing that things that 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 consumer |
| testimonials | individuals speak about their real life experiences |
| A.I.D.A | four (4) goals of advertising: attention, interest, desire, and action |
| slogans | words or phrases we associate with a specific product. slogans effective in print, on billboards, on the internet and TV |
| jingles | catchy phrases set to music and sung. this only works if you can hear it, so its most effective on TV, radio, and the internet |
| trademarks | a visual image associated with a product. effective anywhere it can be seen, this often times even appears noticeably on the product itself |
| ECONOMIC HEALTH | |
| gross domestic product (GDP) | the total, final value of products created within the boarders of a nation in a year |
| gross national product (GNP) | refers to the total value of goods and services produced by nationality, regardless of location |
| economic growth | means an increase in the production of goods and services which provides citizens with a higher standard of living. economic growth of a country is measured by the increase or decrease in GDP |
| inflation | general rise in the price levels of goods and services. the rate of inflation describes how fast prices are rising. during a period of inflation, money loses its buying power. |
| deflation | general decrease in the price level of goods and services |
| GDP per capita | total, final value of products created within the boarders of a nation in a year, divided by its population. helps with understanding of global differences between nations and regions. |
| GNP per capita | represents the value of nationality's final output of good sand services in a year, divided by its population. it 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. |
| AMENDMENTS | |
| 13 | slavery abolished |
| 14 | no state may deny citizens' rights |
| 15 | black men given the right to vote |
| 16 | income tax allowed |
| 18 | prohibition |
| 19 | women given the right to vote |
| 21 | prohibition repealed |
| 22 | president limited to two terms |
| 24 | poll tax outlawed |
| 25 | presidential succession defined |
| 26 | 18 year olds given right to vote |
| 27 | restrictions placed on congressional pay raises |
Created by:
beccagens99
Popular Economics sets