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Social Studies Guide
FINAL REVIEW
| Term | Definition |
|---|---|
| Factor of Production | The materials that people combine to make something that satisfies our wants or needs |
| Land (F.O.P) | The non-man made materials (natural resources) used to make a product or provide a service |
| Labor (F.O.P) | The skills, knowledge, time and energy of people involved in making a product or providing a service. Think of it as "People Power"! |
| Capital(F.O.P) | 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 product. 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 | Everyone works for the good of everyone else. Made up of family units. "Primitive" by some standards |
| Command | You have little say in the 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 the economic decisions. Most are motivated by the opportunity to make money |
| Medium Exchange (F) | It's what you give to get something else. People accept it because they can use it for the same purpose |
| Standard of Value (F) | People understand the comparative worth of an object or service when discussing its price or the money it generates |
| Store of Value (F) | It can be recognized when you decide to keep it instead of spending it. You are storing it for future use |
| Generally acceptable (C) | Everyone is willing to take money in exchange for goods and services because they too will be able to use or save it |
| Easily Counted and Measured (C) | Makes it easy to establish prices, keep track of value, profits and losses |
| Durable (C) | Money last for a long time and is not easily destroyed |
| Convenient | It is easy to carry and use |
| Cheap to Produce | 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 |
| Easily Controlled | 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 |
| 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, 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 such as milk and penicillin will not change when the price changes. People need milk and penicillin no matter what the price |
| Advertising | Way consumers perceive a certain product can affect demand-styles,brand names |
| Persuasive(Advertising) | Seeks to entice consumers into purchasing specific goods or services, often by appealing to their emotions and general sensibilities |
| Informative(Advertising) | Provides the customer with hard date about the nature and function of the product |
| Negativity(Advertising) | Attacking the competition becomes central |
| Bandwagon(Advertising) | The focus becomes people's need to belong to a group |
| Scare Tactics(Advertising) | This attempts to motivate people through fear |
| Traditional Wisdom/Nostalgia(Advertising) | Stressing that things were better in the past is the key |
| High Brow(Advertising) | The ad taps into the idea that some people obsess over social status |
| Humorous(Advertising) | The ad goes for laughs which may have nothing to do with the product |
| Statistics(Advertising) | Legitimate science is used to impress the consumer |
| Testimonials(Advertising) | Individuals speak about their real life experiences |
| A.I.D.A(Advertising) | Four(4) goals of advertising: attention,interest,desire,and action |
| Slogans(Advertising) | Words or phrases we associate with a specific product. Slogans are effective in print, on billboards on the internet and Tv |
| Jingles(Advertising) | Catchy phrases usually set to music and sung. This only works if you can hear it, so it is mos effective on TV,radio and internet |
| Trademarks(Advertising) | 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 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 level 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 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 final output of goods and 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 grown |
| 13th Amendment | Slavery abolished |
| 14th Amendment | No state may deny citizens' rights |
| 15th Amendment | Black men given the right to vote |
| 19th Amendment | Women given the right to vote |
| 24th Amendment | Poll tax outlawed |
| 26th Amendment | 18 year olds given the right to vote |
| 16th Amendment | Income taxed allowed |
| 18th Amendment | Prohibition |
| 21st Amendment | Prohibition repealed |
| 22nd Amendment | President limited to two terms |
| 25th Amendment | Presidential succession defined |
| 27th Amendment | Restrictions laces on Congressional pay raises |
Created by:
18sgangadeen
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