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Social Unit 1 CH 3
Question | Answer |
---|---|
trading one thing for another | barter |
money left over after the costs of the business are paid | profit |
amount of an item people are willing to buy | demand |
making parts of a product in different places around the world | globalization |
a person who makes the goods to sell | producer |
a person who buys goods | consumer |
amount of an item sellers are willing to offer | supply |
in the country, small town, or farm | rural |
in the city | urban |
when one depends on another and can't do it alone | interdependent |
the way people send and receive information | communication |
the movement of goods, people, or animals from one place to another | transportation |
what you give up when you choose one thing over another | opportunity cost |
something a person must have to live | need |
something a person would like to have, but can live without | want |
a system where businesses have the right to produce any goods they want | free enterprise system |
the resources of a community and how they are managed | economy |
as industry grew, many people moved off the farm to here | city |
what was discovered in California in 1848 | gold |
what was built coast to coast and helped industry grow | railroad |
our free enterprise economy is based on this system | supply and demand |
if a business has too much product, the price might go ___________. | down |
if the demand for a product is high, the price might go _________. | up |