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Social Studies Finae

review for final

TermDefinition
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
 

 



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