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Social Studies Final

TermDefinition
Land The non-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.
Factors of Production The materials that people combine to make something that satisfies our wants or needs.
Wants The desire or need for a product or service
Production The combination of the land, labor, and capital to make a good or service.
Distribution The act of making a product or service available to people.
Consumption The act or 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
Amendment 13 Slavery Abolished
Amendment 14 No state may deny a citizens rights
Amendment 15 Black men given the right to vote
Amendment 16 Income tax allowed
Amendment 18 prohibition
Amendment 19 Women given the right to vote
Amendment 21 prohibition repealed
Amendment 22 president limited to two terms
Amendment 24 Poll tax outlawed
Amendment 25 Presidential succession defined
Amendment 26 18 year olds given the right to vote
Amendment 27 Restrictions placed on Congressional pay raises
Created by: apearson1810
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