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Horizons SS Ch.9
Making and Selling Products
Question | Answer |
---|---|
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 |