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Social Studies vocab

All vocab for final

TermDefinition
Land the non man-made materials that people combine to make something that satisfies our wants and needs.
labor the skills, knowledge, time and energy of people involved in making a product or providing a service.
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 service. 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 Economy Everyone works for the good of everyone else. Made up of family units. "Primitive" by some standards.
Command economy You have little say in economical 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
Mixed Economy An economy that is a mixture of the three basic systems.
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 up. 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,demand goes up. As prices up,demand goes down.
Market price (equilibrium) The price at which buyer 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.
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 customer with hard data about the nature and function of the product.
Negativity Attacking the competition is central
Bandwagon the focus becomes people's need to belong to a group.
Scare Tactics This attempts to motivate people through fear.
Traditional Wisdom/Nostalkia Stressing that things were way 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 goals of advertising: Attention,interest, desire, action.
Slogans Words or phrases usually set to music and sung. Slogans are effective in print, on billboards, on the internet, and TV.
Jingles Catchy phrases usually set to music and sung. This only works if you hear it, so it is most effective on TV,radio,and 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.
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 witha higher standard of living. Economic growth
Created by: ChungYue
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