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Social Studies Exam!
Study Cards for Exam
| Term | Definition |
|---|---|
| Land | The non man-made materials (natural resources) used to make a product or provide a service. |
| Labor | The skills,knowledge, time and energy or people involved in making a product or providing a service. "people power" |
| Capital | Man-made items like tools and factories used to produce a good or service |
| Factors of Production (FOP) | 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 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 benefits that you GIVE UP because you chose something else. |
| Traditional Economy | Everyone works for the good of everyone else. Made up of family units. ("Primitive" by some standards) |
| Command Economy | 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 (factors of production) |
| Market Economy | The people have major say in economic decisions. Most are motivated by the opportunity to make money. |
| Mixed Economy | An economy that is a mixture of the three basic systems. (Traditional,Command, and Market.) |
| Who owns resources? | The people that have land, labor and capital. |
| What will be produced? | The products or goods that are in demand. |
| How will it be produced? | The owners on the F.O.P will produce with their land, labor, and capital and distribute it to the company willing to sell it. |
| Who gets what? | The consumers that are demanding the product. |
| Weakness of Bartering | Inconvenient in today's economy |
| Money($)As a Medium Of Exchange | Function: It's what you give to get something else. People accept it because they can use it for the same purpose. |
| Money($) As a Standard Of Value | Function: People understand the comparative worth of an object or service when discussing its price or the money it generates. |
| Money($) As a Store of Value | Function: It can be recognized when you decide to keep it instead of spending it. You are storing it for use in the future. |
| Money($)Is Generally Acceptable | Characteristic: Everyone is willing to take money in exchange for goods and services because they too will be able to use or save it. |
| Money Is Easily Counted and Measured | Characteristic: Makes it easy to establish prices, keep track of value, profits, and losses. |
| Money is Durable | Characteristic: Money lasts for a long time and is not easily destroyed |
| Money is Convenient | Characteristic: It is easy to carry and use. |
| Money is Cheap to Produce | Characteristic: 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. |
| Money is Easily Controlled | Characteristic: In a 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 in Market Economies | 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 in Market Economies | The amount of a product or service that consumers are willing to buy at different prices. |
| Law of Demand | As prices go down, demand goes up. As prices goes up, demand goes down. |
| Market Price | The price at which buyers and sellers agree to trade. |
| Factors Affecting Price | 1.)Need- Need for basic products such as milk and penicillin will not change the price changes. People need milk and penicillin no matter what the price 2.) Advertising- Way consumers perceive a certain product can affect demand- styles, brand names etc |
| Persuasive Advertising | Seek to entice consumers into purchasing specific goods or services, often by appealing to their emotion and general sensibilities. |
| Informative Advertising | Provides the customer with hard data about the nature and function of the product |
| Negativity Advertising | Attacking the competition becomes central |
| Bandwagon Advertising | The focus becomes people's need to belong in a group |
| Scare Tactics | This attempts to motivate people through fear |
| Traditional Wisdom/ Nostalgia Advertising | Stressing that things were better in the past is the key |
| High Brow Advertising | The ad taps into the idea that some people obsess over social status |
| Humorous Advertising | The ad goes for laughs which may have nothing to do with the product |
| Statistics | Legit science is used to impress the consumer |
| Testimonials | Individuals speak about their real-life experiences |
| A.I.D.A | 4 goals of advertising: Attention, Interest, Desire, and Action |
| Slogans | Words or phrases we associate with a certain product. Seen on Billboards, TV, etc |
| Jingles | Catchy phrases usually set to music and sung Effective anywhere it can be heard |
| Trademarks | A visual image associated with a product.. Effective anywhere |
| 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 higher standard of living. Measured by the increase or decrease in the GDP |
| Inflation | General Rise in the price level of goods and services |
| Deflation | General Decrease in the price level of goods and services |
| GDP Per Capital | Total, Final Value of products created within the border of a nation, DIVIDED by its population. |
| GNP Per Capital | Represents the value of a nationality's final output of goods and services in a year, DIVIDED by the population. |
| Recession | Two quarters of negative economic growth or 6 months of negative economic growth |
| Amendment 13 (XIII) | Abolished Slavery |
| Amendment 14 (XIV) | No State may deny citizen's rights |
| Amendment 15 (XV) | Black men giving the right to vote |
| Amendment 16 (XVI) | Income Tax allowed |
| Amendment 18 (XVIII) | Prohibition |
| Amendment 19 (XIX) | Women given the right to vote |
| Amendment 21 (XXI) | Prohibition Repealed |
| Amendment 22 (XXII) | President limited to two terms |
| Amendment 24 (XXIV) | Poll tax outlawed |
| Amendment 25 (XXV) | Presidential succession defined |
| Amendment 26 (XXVI) | 18 yr olds are given the right to vote |
| Amendment 27 (XXVII) | Restrictions placed on Congressional pay raises |
| Dred Scott vs Sandford | This case made "Separate but equal" exist |
| Plessy vs Fergusson | This case made an impact on Amendment XIV and separate but equal |
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danaxD
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