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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 |
Created by:
iampammyb
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