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social studies
review for final
| Question | Answer |
|---|---|
| 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 | prohibition repealed |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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