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S.S Final Part 1

Social Studies Final part 1

TermDefinition
Land The non made materials(natural) used ti make a product or provide a service.
Labor The skills,knowledge,time and energy of people involved in making a product or provide a service. "People Power"
Capital Man made items like tools and factories used to produce a good or service.
Factors of Production Land,Labor,Capital
wants the desire or need for a product or service
production the combination 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. Satisfaction may only be temporary.
benefits the positive aspects associated with a choice.
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 a little say in 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 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 (F) 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 (F) People understand the comparative worth of an object or service when discussing its Price or the money it generates
$ As a store of value (F) 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 (C) Everyone is willing to take money in exchange for good and services because they too will be able to use or save it.
$ is easily counted and measured (C) Makes it easy to establish prices,keep track of value, profits and losses.
$ is durable (C) Money last for a long time and is not easily destroyed
$ is convenient (C) It is easy to carry and use
$ is cheap to produce (C) 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 (C) In a growing economy, there must be a continuous supply of money with just the right amount of available.
Value of currency It is officially recognized as currency by the U.S federal government.
Created by: McBHanna