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social studies

review for final

what is amendment 13? slavery abolished
what is amendment 14? no state may deny citizens' rights
what is amendment 15? black men given the right to vote
what is amendment 16? income tax allowed
what is amendment 18? prohibition
what is amendment 19? women given the right to vote
what is amendment 21? prohibition repealed
what is amendment 22? president limited to two terms
what is amendment 24? poll tax outlawed
what is amendment 25? presidential succession defined
what is amendment 26? 18 year olds can vote
amendment 27 restrictions on congressional pay raises
define factors of production land, labor and capital
production the combo of 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
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 economy everyone works for the good of everyone else. made up of family units. "primitive"
command economy you have little say in economic decisions. You do as you are told. government or central authority controls fop
market economy people have a major say in economic decisions.
mixed economy an economy that is a mixture of the three basic systems
medium of exchange what you give to get something else. people accept it because they can use it for the same purpose
standard of value people understand the comparative worth of an object or service when discussing its price of the money it generates
store of value can be recognized when you decide to keep it instead of spending it. storing it for the future
generally acceptable everyone is willing to take money in exchange for goods or services because they can use it or save it too
easily counted and measured makes it easy to establish prices, keep track of value, profits and losses
durable money lasts for a long time and is not easily destroyed
convenient easy to use and carry
cheap to produce paper money and coins are less expensive to make in comparison to mining metals back in the day
easily controlled continuous supply of money with just the right amount available
value of currency officially recognized by the us fed gov
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 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 equilibrium- the price at which buyers and sellers agree to trade
need need for basic products will not change when the price changes.
advertising way consumers perceive a certain product can affect demand
advertising: persuasive seeks to entice consumers into purchasing specific goods or services, often by appealing to their emotions
advertising: informative provides customer with hard data and about the nature and function of the product
advertising: negativity attacking the competition becomes central
advertising: bandwagon the focus becomes people's need to belong to a group
advertising: scare tactics this attempts to motivate people through fear
advertising: traditional wisdom/ nostalgia stressing that things were better in the past is the key
advertising: high brow the ad taps into the idea that some people obsess over social status
advertising: humorous the ad goes for laughs which may have nothing to do with the product
advertising: statistics legitimate science is used to impress the consumer
advertising: testimonials individuals speak about their real life experiences
advertising: aida four goals of advertising: attention, interest, desire,action
advertising: slogans words or phrases we associate with a specific product
advertising: jingles catchy phrases we associate with a product, only works if you can hear it
trademarks a visual image associated with a product
gross domestic product(gdp) the total, final value of products created within the borders 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. measured in gdp.
inflation general rise in the price level of goods and services. the rate describes how fast prices rise. 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 borders 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 a nationality's final output of goods and services in a year, divided by its population. reflects the average income of a countrys citizens if gnp were divided equally
recession two quarters of negative economic growth or 6 months of negative economic growth
wants the desire or need for a product
Created by: roseglantz



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