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Social Studies Finae
review for final
| Term | Definition |
|---|---|
| Factors of Production | 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. (people power) |
| capital | man made items like tools and factories used to produce a good or service. |
| PRODUCTION TO CONSUMPTION | |
| 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. |
| MAKING CHOICES | |
| 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. |
| ECONOMIC SYSTEMS | |
| 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 decision. most are motivated by the opportunity to make money. |
| mixed | an economy that is a mixture of the three basic systems. |
| BARTERING vs MONEY | |
| weakness of bartering | inconvenient in today's economy |
| $ 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. |
| $ 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 it or save it. |
| $ is easily counted and measured (C) | makes it easy to establish prices, keep track of value, profits an 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 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. |
| MARKET ECONOMIES | |
| 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, supply goes up. as prices go up, demand goes down. |
| market price (equilibrium) | the price at which buyers and sellers are willing to trade. |
| ADVERTISING | |
| persuasive | seeks to entice consumers into purchasing specific goods or services, often by appealing to their emotions and general sensibilites |
| informative | provides the customer with hard data about the mature 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 | the attempts to motivate people through fear |
| traditional wisdom/nostalgia | stressing that things that 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 associate with a specific product. slogans effective in print, on billboards, on the internet and TV |
| 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 |
| trademarks | a visual image associated with a product. effective anywhere it can be seen, this often times even appears noticeably on the product itself |
| ECONOMIC HEALTH | |
| gross domestic product (GDP) | the total, final value of products created within the boarders 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 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. |
| deflation | general decrease in the price level of goods and services |
| 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. |
| 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 |
| recession | two quarters of negative economic growth or 6 months of negative economic growth. |
| AMENDMENTS | |
| 13 | slavery abolished |
| 14 | no state may deny citizens' rights |
| 15 | black men given the right to vote |
| 16 | income tax allowed |
| 18 | prohibition |
| 19 | women given the right to vote |
| 21 | prohibition repealed |
| 22 | president limited to two terms |
| 24 | poll tax outlawed |
| 25 | presidential succession defined |
| 26 | 18 year olds given right to vote |
| 27 | restrictions placed on congressional pay raises |
Created by:
beccagens99
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