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S.S. Review Exam
| Term | Definition |
|---|---|
| Land | Natural resources that are used to make goods and services |
| Labor | Skills, knowledge, time and energy of people involved in making a product or providing a service |
| capital | Any human-made resource that is used to create other goods and services, such as tools and factories. |
| Factors of Production | The materials that people combine to make something that satisfies our wants or needs |
| 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 making a product or service.Satisfaction may only be temporary |
| benefits | The positive aspects associated with a choice |
| scarity | The absence of something that results from the conflict between unlimited wants with limited resources |
| opportunity cost | The most important benefit that you give up because you chose something else. |
| traditional economy | Everyone works for the good of everyone else. Made up of family units. |
| command economy | You have little to say in economic decisions. You will do as you are told and you will like it as else. The government or central authority controls the Factors of Production. |
| market economy | People have a major say in economic decisions. |
| mixed economy | An economy that is a mixture of the three basic systems. |
| Supply | The amount of goods and services producers are willing and able to offer at different prices. |
| Law of Supply | As prices do 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. |
| market price | The price at which buyers and sellers agree to trade. |
| Law of Demand | As prices go down, demand goes up. As prices go up, demand goes down. |
| Gross Domestic Product | The total, final value of products created within the borders 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 and services which provides citizens with a higher standard of living. It is measured by the increase or decrease of the GDP. |
| inflation | General rise in the price level 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 borders of nation in a year, divided by its population. |
| GNP per capita | Represents the value of a nationality's final output of goods and services in a year, divided by its population. |
| Recession | Two quarters of negative economic growth or 6 months of negative economic growth. |
| rent | payment for the use of land |
| interest | payment for the use of capital |
| wages | money earned for doing work |
| entrepreneur | a person who starts up and takes on the risk of a business |
| sole proprietorship | a business owned and managed by a single individual |
| partnership | a business owned by two or more people |
| corporation | business that is separate from the people who own it and legally act as a single person |
| stock | the shares of ownership in a corporation |
| stockholder/shareholder | people who buy stock |
| labor unions | organizations fo workers that seek to improve wages and working conditions and protect members' rights |
| collective bargaining | process by which representatives of the unions and business try to reach agreement about wages and working conditions |
| boycott | refuse to buy - technique used by workers |
| strike | workers refuse to work unless employers meet certain demands |
| bartering | Exchanging goods and services. Still exists in some traditional economies and informally in other parts of the world. Such trading would be inconvenient in today's economy |
| Functions of money | 1) medium of exchange, 2) standard of value, 3) store of value |
| Characteristics of money | 1) generally acceptable, 2) easily counted and measured, 3) durable, 4) convenient, 5) cheap to produce, 6) easily controlled |
| supply | the amount of a product that prodcuers are willing and able to offer at different prices |
| demand | the amount of a product or service that buyers are willing and able to buy at different prices |
| market price | The price at which buyers and sellers agree to trade. It is where the demand and supply curves cross. |
| supply and demand | At higher prices, more of a project will be supplied but less will be demanded. At lower prices, less will be supplied but more demanded. |
| persuasive advertising | techniques used that try to convince consumers to buy their product using techniques other than facts and quotes. |
| informative advertising | advertising that uses statistics and/or testimonials to convince consumers to buy their product |
| negativity | persuasive advertising technique that focuses on attacking the competition |
| bandwagon | persuasive advertising technique that focuses on people's need to belong to a group |
| scare tactics | persuasive adverstising technique that attempts to motivate people through fear |
| traditional wisdom | persuasive adverstising technique that stresses that things were better in the past |
| A.I.D.A. | 4 goals for all advertisements - attention, interest, desire, action |
| slogans | words or phrases we associate with a specific product |
| jingles | catchy phrases usually set to music and sung |
| trademarks | a visual image associated with a product |
| Dred Scott verdict | It defined slavery as constitutional, and slaves as property |
| Thurgood Marshall | Linda Brown's lawyer and became the first African American Supreme Court Justice |
| Amendment 27 | Limits how Congress may receive pay raises by not allowing members to give themselves raises until after they win re-election |
| Amendment 18 | Alcohol illegal |
| Amendment 21 | alcohol illegal |
| Amendment 13 | Ended slavery after the Civil War |
| Amendment 14 | Forbids a state to deny any citizen the rights and privileges of citizenship and equal protection under the law. |
| Dred Scott | Was a slave who moved from "slave state" to "free state" and argued he should be free since he was in a free state. |
| 19th Amendment | No woman could be refused the right to vote. |
| 26th Amendment | Voting age lowered to 18 |
| Roe vs. Wade | Challenged abortion laws in Texas and is still highly controversial today |
| Marbury vs. Madison | Case in which the supreme court first asserted th power of Judicial review in finding that the congressional statue expanding the Court's original jurisdiction was unconstitutional |
| Miranda vs. Arizona | The accused must be notified of their rights before being questioned by the police |
| United States vs. Nixon | No one is above the law |
| Tinker vs. Desmoines Public Schools | School wanted to ban armbands |
| Brown vs. Board of Education | Overturned Plessy vs. Ferguson. Separate but equal is unconstitutional |
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