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Chap. 3 SS-Logan

In a free economy, a business operates on a system of supply and demand
People used to barter to get things they needed by trading good and services
A business makes a profit by _______ the ______of its goods or services _______enough to pay for its costs and have money left over. setting price high
The first Americans might have been drawn to North America because they followed a migrating herd of animals
If a business makes more of a product than people want to buy, the price of the product will likely____ decrease
When two regions depend on one another for goods, services, and resources, they are said to be______ interdependent
TRUE or FALSE Trading by bartering is NOT a way people contribute to the nation's economy. TRUE
In the 1700's, most people lived in ________areas and ____________. rural farmed
In the 1800's, most people lived in ___________ and ____________________. cities worked in factories
In 1848, the discovery of_________led many people to move to California. gold
Advancements in technology in the late 1800's still seen in the U.S. today are__________,________, and _____________. railroads, steel, electricity
The role producers play in the economy is to_______________________. make goods or products to sell for profit
Transportation helps economically interdependent regions by helping regions___________________________. get the resources they need
A_______________is someone who makes goods or products to sell. producer
In the ________ a change that did NOT occur was that more people moved from cities to rural areas. 1800's
____________has not increased world trade. Bartering
If the supply of a popular product is much less than the demand for it, the price will likely____________. increase
Computer parts coming from all around the world is an example of_________________. globalization
Many settlers moved westward during the 1800's to___________________. find more land
Created by: Mrs. Logan

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