Vocabulary
Supply
The amount of a product or service that is available for people to buy.
A free enterprise system is
a system where individuals can start and operate their own business
a benefit to free enterprise in texas
consumers have many choices of where to shop
When more people want to buy a popular toy during the holidays, what happens to the price?
Price goes up
Demand
The desire of consumers to purchase a product or service, which can affect its price
Who decides what products will be sold?
consumers and businesses
Railroads play in Texas free enterprise system?
transporting goods across Texas
If a store has too many winter coats left at the end of winter, what might the store do?
lower the price
Economy
The system by which goods and services are produced, distributed, and consumed in a society.
What happens when too many products are available
prices tend to fall
How did railroads change businesses in Texas
connected Texas to other markets
What is it called when customers want to buy something?
Demand
Railroad Boom
A period of rapid expansion in the railroad industry, which helped transport goods and people across long distances.
how does the Free Enterprise System encourages hard work
rewarding effort and success
What helped Texas farmers sell crops to distant markets
railroad system
What happens when a store runs out of a popular item?
More people want to buy it
Cash Crops
Crops that are grown to be sold for profit rather than personal use, such as cotton or tobacco.
How does competition benefit consumers
leads to better products and services
How did early Texas colonists participate in the free enterprise system
the grew cash crops to sale
If farmers grow more vegetables than people want to buy, what usually happens to the price?
price goes down