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S.S Final Part 1
Social Studies Final part 1
| Term | Definition |
|---|---|
| Land | The non made materials(natural) used ti make a product or provide a service. |
| Labor | The skills,knowledge,time and energy of people involved in making a product or provide a service. "People Power" |
| Capital | Man made items like tools and factories used to produce a good or service. |
| Factors of Production | Land,Labor,Capital |
| wants | the desire or need for a product or service |
| production | the combination of 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. |
| opportunity cost | the most important benefit that you give up because you chose something else. |
| traditional | Everyone works for the good of everyone else. Made up of family units. "Primitive" by some standards |
| command | you have a 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 decisions. Most are motivated by the opportunity to make money. |
| mixed | An economy that is a mixture of the three basic systems. |
| weakness of bartering | Inconvenient in Today's economy. |
| $ As a medium of exchange (F) | It's 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 good and services because they too will be able to use or save it. |
| $ is easily counted and measured (C) | Makes it easy to establish prices,keep track of value, profits and 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 of available. |
| Value of currency | It is officially recognized as currency by the U.S federal government. |
Created by:
McBHanna
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