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naim
boy
| Question | Answer |
|---|---|
| land | the non man mode materials used to make product |
| labor | the skills knowledge time and energy of people involved in making a product |
| capital | man made items like tools and factories used to produce a good 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 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 purposes |
| 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 goods 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 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 | seeks to entice consumers into purchasing specific goods or services, often by appealing to their emotions and general sensibilities |
| informative | provides the customer 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 | this attempts to motivate people through fear |
| traditional wisdom/nostalgia | 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 |
| humorous | 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 (4) goals of advertising: attention, interest, desire, and action |
| slogans | words or phrases we associated 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 (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 & regions |
| gnp per capita | represents the value of a nationality's final output of goods and services in a year, divided by this 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 growth |
Created by:
nmccall
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