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Social Studies Final

Review

TermDefinition
benefits The positive aspects associated with a choice.
scarcity Theb 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 everyone else. Made up, of family units.
Command You have little say in economics decisions. You will do as you are told and you will like it or else
Market People have a major say in economic decisions. Most are motivared by the opportunity to make money
Mixed An economy that is a mixture of the three basic systems
land the non man-made materials (natural resources) used to make a product or provide a service
labor The skills, knowledge, time and energy of people involved in making a product or providing a service. Think of it as "People Power"
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 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.
Money is Convenient Easy to carry and use
$ 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 durable Money last for a long time and is not easily destroyed
$ is cheap to produce coins are much less expensive to make in comparison to the practice of mining for precious metals
Created by: 18awilliams
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