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| Factors of Production | The materials that people combine to make something that satisfies our wants or needs.
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| land | the non man-made materials (natural resources) used to make a product or provide a service.
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| labor | the skills, knowledge, time and energy of people involved in making a product or providing a service. (people power)
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| capital | man made items like tools and factories used to produce a good or service.
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| PRODUCTION TO CONSUMPTION |
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| wants | the desire or need for a product or service.
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| production | the combination of the land, labor, and capital to make a good or provide a service.
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| distribution | the act of making a product or service available to people.
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| consumption | the act of using a good or product. satisfaction may only be temporary.
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| MAKING CHOICES |
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| benefits | the positive aspects associated with a choice.
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| scarcity | the absence of something that results from the conflict between unlimited wants and limited resources.
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| opportunity cost | the most important benefit that you give up because you chose something else.
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| ECONOMIC SYSTEMS |
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| traditional | everyone works for the good of everyone else. made up of family units. "primitive" by some standards.
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| 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.
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| market | people have a major say in economic decision. most are motivated by the opportunity to make money.
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| mixed | an economy that is a mixture of the three basic systems.
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| BARTERING vs MONEY |
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| weakness of bartering | inconvenient in today's economy
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| $ as a medium of exchange (F) | its what you give to get something else. people accept it because they can use it for the same purpose.
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| $ 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.
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| $ 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.
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| $ is generally acceptable (C) | everyone is willing to take money in exchange for goods and services because they too will be able to use it or save it.
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| $ is easily counted and measured (C) | makes it easy to establish prices, keep track of value, profits an losses.
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| $ is durable (C) | money last for a long time and is not easily destroyed.
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| $ is convenient (C) | it is easy to carry and use.
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| $ 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.
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| $ is easily controlled (C) | in a growing economy, there must be a continuous supply of money with just the right amount available.
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| value of currency | it is officially recognized as currency by the U.S. federal government.
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| MARKET ECONOMIES |
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| supply | the amount of goods and service producers are willing and able to offer at different prices.
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| law of supply | as prices go down, supply goes down. as prices rise, supply goes up.
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| demand | the amount of a product or service that consumers are willing and able to buy at different prices.
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| law of demand | as prices go down, supply goes up. as prices go up, demand goes down.
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| market price (equilibrium) | the price at which buyers and sellers are willing to trade.
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| ADVERTISING |
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| persuasive | seeks to entice consumers into purchasing specific goods or services, often by appealing to their emotions and general sensibilites
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| informative | provides the customer with hard data about the mature and function of the product
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| negativity | attacking the competition becomes central
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| bandwagon | the focus becomes people's need to belong to a group
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| scare tactics | the attempts to motivate people through fear
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| traditional wisdom/nostalgia | stressing that things that were better in the past is the key
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| high brow | the ad taps into the idea that some people obsess over social status
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| humorous | the ad goes for laughs which may have nothing to do with the product
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| statistics | legitimate science is used to impress the consumer
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| testimonials | individuals speak about their real life experiences
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| A.I.D.A | four (4) goals of advertising: attention, interest, desire, and action
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| slogans | words or phrases we associate with a specific product. slogans effective in print, on billboards, on the internet and TV
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| jingles | catchy phrases set to music and sung. this only works if you can hear it, so its most effective on TV, radio, and the internet
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| trademarks | a visual image associated with a product. effective anywhere it can be seen, this often times even appears noticeably on the product itself
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| ECONOMIC HEALTH |
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| gross domestic product (GDP) | the total, final value of products created within the boarders of a nation in a year
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| gross national product (GNP) | refers to the total value of goods and services produced by nationality, regardless of location
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| 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
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| inflation | general rise in the price levels of goods and services. the rate of inflation describes how fast prices are rising. during a period of inflation, money loses its buying power.
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| deflation | general decrease in the price level of goods and services
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| GDP per capita | total, final value of products created within the boarders of a nation in a year, divided by its population. helps with understanding of global differences between nations and regions.
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| GNP per capita | represents the value of nationality's final output of good sand services in a year, divided by its population. it reflects the average income of a country's citizens if GNP were divided equally
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| recession | two quarters of negative economic growth or 6 months of negative economic growth.
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| AMENDMENTS |
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| 13 | slavery abolished
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| 14 | no state may deny citizens' rights
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| 15 | black men given the right to vote
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| 16 | income tax allowed
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| 18 | prohibition
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| 19 | women given the right to vote
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| 21 | prohibition repealed
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| 22 | president limited to two terms
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| 24 | poll tax outlawed
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| 25 | presidential succession defined
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| 26 | 18 year olds given right to vote
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| 27 | restrictions placed on congressional pay raises
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