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Horizons SS Ch.9

Making and Selling Products

QuestionAnswer
The freedom to start a business and to make and sell for profit any product or service allowed by law. free enterprise
Someone who makes a product or offers a service. producer
A person who buys a product or service. consumer
The desire or need for a product or service. demand
The amount of goods offered for sale by a business. supply
A shortage, of lack of supply, of a product. scarcity
The amount of money it takes to run a business. overhead
To do just one kind of work or sell just one kind of product. specialize
The money a worker is paid. wage
The amount of money that is left over after all the costs of running a business have been paid. profit
The job of getting customers to want a product. marketing
The efforts to two businesses with the same products or services to get customers to buy from them. competition
A statement that can be proved. fact
Something that a person believes but that cannot be proved. opinion
The way a country produces and uses goods and services. economy
A form of coal. lignite
A mineral that is used in chemical and paper production. sulfur
A resource used to make a product. raw material
Chemicals that are made from oil or natural gas. petrochemicals
A large number. abundance
A map that uses symbols to show where products come from. product map
The raising of crops and farm animals for sale. agriculture
The exchange of one kind of product or service for another. trade
To trade one product or service for another. barter
Trade between countries international trade
A kind of technology that lets people who are far apart share information instantly. communication link
To bring in products and resources from another country to sell. import
To send a product or resource from one country to another to be sold. export
The way countries depend on one another for products and resources. interdependence
Created by: donnawoolsey
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