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Madalynn II

SS Final '09-'10 II

producer someone who makes and sells a product
assembly line each worker adds one kind of part as it passes on a moving belt
industry is all the companies that make the same product or provide the same service
capitol money used to start or improve a business
human resource the workers
raw material natural resources needed to make something
capitol resource money to run a business
product map a map that uses symbols to show where products come from
agriculture raising of crops and farm animals for sale
technology the use of new inventions in everyday life
advertisement information that a business provides about its goods and services
patent a government paper saying that only the inventor has the right to make or sell his own invention
innovation new ideas and products
specialize is to do just one kind of work or sell just one kind of product
overhead the money it takes to run a business, it includes rent, electricity, heating
wage the money a worker is paid for the work he or she does
profit amount of money that is left over after all the costs of running a business have been paid
marketing the job of getting customers to want a product
competition the effort o get more customers
free enterprise the freedom to start businesses and run them to make a profit. They can make or sell any product or service that is allowed by law
consumer a person who buys a product or service
demand the wants and need of the consumers
supply the goods and services offered by businesses
scarcity there is very little supply
trade the exchange of one thing for another
barter to trade goods and services for something other than money
international trade trade between countries
communication link kind of technology that lets people who are far apart share information instantly
imports bring in to sell, products and resources from other countries
exports sends to other countries to sell, many products and resources
interdependence the dependence on one another for products and resources
latitude lines run east and west around the globe
longitude also called meridians , run north and south from pole to pole
chassis the frame of a car
alloy a mixture of metals
vanadium a gray metal used to make steel
homely simple and plain
catering giving people what they want
production efficiency to make more products in less time
conveyor belt a belt that carries items from worker to worker
What kind of resources did Henry Ford use? he used metals, assembly line, conveyor belts
What is a daguerreotype? a picture
What was the Silk Road? It was an ancient trade route that linked countries in Europe, Asia and southeast Asia. European merchants and travelers carried ideas as well as goods to and from China
Created by: esmith2010



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