Economy
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Factors of Production (F.O.P.) | The materials that people combine to make something that satisfies our wants or needs
🗑
|
||||
| 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
🗑
|
||||
| Capital | Man-made items like tools and factories used to produce a good or service
🗑
|
||||
| Wants | The desire or need for a product of 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
🗑
|
||||
| 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 choose something else.
🗑
|
||||
| Traditional | Everyone works for the good of everyone else
🗑
|
||||
| Command | You have little to say in economic decisions.
🗑
|
||||
| Market | People have a major say in economic decisions.
🗑
|
||||
| Mixed | An economy that is a mixture of the three basic systems.
🗑
|
||||
| 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 costumers are willing to buy at different prices.
🗑
|
||||
| Law of demand | As prices go down, the demand goes up. As prices go up, the demand goes down.
🗑
|
||||
| Market price | The price at which buyers and sellers agree to trade.
🗑
|
||||
| Persuasive | seeks to entice customers into purchasing specific goods or services, often by appealing to their emotions and general sensibility.
🗑
|
||||
| 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. | The four goals of advertising
🗑
|
||||
| Slogans | Words or phrases we associate with a specific product.
🗑
|
||||
| Jingles | Catchy phrases usually set to music or sung.
🗑
|
||||
| Trademarks | A visual image associated with the product.
🗑
|
||||
| Gross domestic product | The total, final value of products created within the boarders 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.
🗑
|
||||
| Inflation | General rise in the price level of goods and services.
🗑
|
||||
| Deflation | General decrease in the price of goods and services.
🗑
|
||||
| GDP per capita | Total, final value of products created within the borders of a nation in a year, divided by it's population.
🗑
|
||||
| GNP per capita | Represents the value of a nationality's final output of goods and services in a year, divided by it's population.
🗑
|
||||
| Recession | Two quarters of negative economic growth or 6 months of negative economic growth.
🗑
|
||||
| 13th amendment | slavery abolished
🗑
|
||||
| 14th amendment | No state may deny citizens'rights
🗑
|
||||
| 15th amendment | Black men given the right to vote
🗑
|
||||
| 16th amendment | income tax allowed
🗑
|
||||
| 18th amendment | prohibition
🗑
|
||||
| 19th amendment | women given the right to vote
🗑
|
||||
| 21st amendment | Prohibition repealed
🗑
|
||||
| 22nd amendment | President limited to two terms
🗑
|
||||
| 24th amendment | poll tax outlawed
🗑
|
||||
| 25th amendment | Presidential success defined
🗑
|
||||
| 26th amendment | 18 year olds given the right to vote
🗑
|
||||
| 27th amendment | Restrictions placed on Congressional pay raises
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
18acolangelo
Popular Economics sets