review for final
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | The materials that people combine to make something that satisfies our wants or needs.
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| show | the non man-made materials (natural resources) used to make a product or provide a service.
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| show | the skills, knowledge, time and energy of people involved in making a product or providing a service. (people power)
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| show | man made items like tools and factories used to produce a good or service.
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| show |
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| wants | show 🗑
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| show | the combination of the land, labor, and capital to make a good or provide a service.
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| distribution | show 🗑
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| consumption | show 🗑
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| show | the positive aspects associated with a choice.
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| show | the absence of something that results from the conflict between unlimited wants and limited resources.
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| opportunity cost | show 🗑
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| ECONOMIC SYSTEMS | show 🗑
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| show | everyone works for the good of everyone else. made up of family units. "primitive" by some standards.
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| show | 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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| show | people have a major say in economic decision. most are motivated by the opportunity to make money.
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| mixed | show 🗑
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| show |
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| weakness of bartering | show 🗑
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| show | 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) | show 🗑
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| $ as a store of value (F) | show 🗑
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| show | 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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| show | makes it easy to establish prices, keep track of value, profits an losses.
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| $ is durable (C) | show 🗑
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| show | it is easy to carry and use.
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| $ is cheap to produce (C) | show 🗑
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| show | in a growing economy, there must be a continuous supply of money with just the right amount available.
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| show | it is officially recognized as currency by the U.S. federal government.
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| MARKET ECONOMIES | show 🗑
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| supply | show 🗑
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| law of supply | show 🗑
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| demand | show 🗑
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| law of demand | show 🗑
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| market price (equilibrium) | show 🗑
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| ADVERTISING | show 🗑
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| show | seeks to entice consumers into purchasing specific goods or services, often by appealing to their emotions and general sensibilites
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| show | provides the customer with hard data about the mature and function of the product
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| negativity | show 🗑
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| show | the focus becomes people's need to belong to a group
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| scare tactics | show 🗑
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| show | stressing that things that were better in the past is the key
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| high brow | show 🗑
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| show | the ad goes for laughs which may have nothing to do with the product
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| statistics | show 🗑
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| show | individuals speak about their real life experiences
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| show | four (4) goals of advertising: attention, interest, desire, and action
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| show | words or phrases we associate with a specific product. slogans effective in print, on billboards, on the internet and TV
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| show | 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 | show 🗑
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| ECONOMIC HEALTH | show 🗑
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| show | the total, final value of products created within the boarders of a nation in a year
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| gross national product (GNP) | show 🗑
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| economic growth | show 🗑
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| inflation | show 🗑
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| show | general decrease in the price level of goods and services
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| show | 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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| show | 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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| show | two quarters of negative economic growth or 6 months of negative economic growth.
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| show |
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| show | slavery abolished
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| show | no state may deny citizens' rights
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| 15 | show 🗑
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| 16 | show 🗑
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| 18 | show 🗑
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| 19 | show 🗑
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| 21 | show 🗑
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| show | president limited to two terms
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| 24 | show 🗑
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| show | presidential succession defined
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| 26 | show 🗑
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| show | restrictions placed on congressional pay raises
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beccagens99
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