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Economics review
| Term | Definition |
|---|---|
| Land | The non man-made materials used to make a product or provide a service |
| Labor | The skills, knowledge, time and energy of people involved in making a product |
| Capital | Man made items like tools and factories |
| 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 |
| Command | You have little say in economic decisions. You do as you are told and you will like it or else! |
| Market | People have major say in economic decisions. Most are motivated by the opportunity to make money |
| Mixed | An economy that is a mixture of the three basic systems |
| Weakness of bartering | Inconvenient in today's economy |
| $ As a medium of exchange | It's what you give to get something else. People accept it because they can use it for the same purpose |
| $ As a standard of value | People understand the comparative worth of an object or service when discussing its Price or the money it generates |
| $ As a store of value | 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 | Everyone is willing to take money in exchange for goods and services because they too will be able to use or save it |
| $ Is easily counted and measured | Makes it easy to establish prices, keep track of value, profits and losses. |
| $ Is durable | Money last for a long time and is not easily destroyed |
| $ Is convenient | It is easy to carry and use |
| $ Is 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 |
| $ Is 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 up, supply rises 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 | 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 prices change. People need milk and penicillin no matter what the price is |
| Advertising | Way consumers perceive a certain product can affect demand- style, 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 costumer with hard data about the nature 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 | Stressing that things were better in the past is the key |
| High brow | The ad taps into the idea that some people obsess over social status |
| Humorus | 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, and action |
| Slogans | Words or phrases we associate with a specific product. 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 can 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 | The total, final value of product created within the borders of a nation in a year |
| Gross National Product | 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 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's final output of goods and services in a year, divided by its population. It reflects the average income of a country's citizen if GNP were divided equally |
| Recession | Two quarters of negative economic growth or 6 months of negative economic growth |
| Amendment 13 | Slavery abolished |
| Amendment 14 | No state may deny citizens' rights |
| Amendment 15 | Black men given the right to vote |
| Amendment 19 | Women given the right to vote |
| Amendment 24 | Poll tax outlawed |
| Amendment 26 | 18 year olds given right to vote |
| Who gets what? | Societies must consider...... - should people get what they say they want? - should things be divided equally - should competition determine what people get |
| Amendment 16 | income tax allowed |
| Amendment 18 | Prohibition |
| Amendment 21 | prohibition repealed |
| Amendment 22 | president limited to two terms |
| Amendment 25 | presidential succession defined |
| Amendment 27 | restrictions placed on congressional pay raises |
| Roe vs. Wade | states had greater right to regulate abortion later in the pregnancy |
| Marbury vs. Madison | Supreme court can declare acts of legislature and president unconstitutional |
| Plessy vs. Fergusson | Reasons for lawsuit: Amendment 14 Impact on "Separate, but equal" |
| Miranda vs. Arizona | 5th Amendment rights- self-incrimination Impact on legal system |
| Brown vs Board | Reasons for lawsuit: Amendment 14 Impact on "Separate, but equal" Role of Thurgood Marshall |
| U.S Vs. Nixon | executive privilege No one is above the law |
| Tinker vs. Des Moines Public schools | 1st Amendment rights "Do not leave 1st amendment rights at school door" |
Created by:
18jcabrera
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