Global Economy
what 3 places that produce most of the usa's goods
China, Mexico,Canada.
What did Henry Ford create
the Ford Model T
The things that motivate people
Incentives
for example _______,are also used in___ _________.
microchips , car manufacturing.
What do people become when they buy goods
a consumer
differences between the amount of money someone earns for doing something and the amount they spend to earn it?
profit
Incentives can be ______ like a reward or ______ such as a consequence.
positive and negative
Every _______, _________, and _____ _______, requires a piece of technology called a __________ in order to work.
computer, tablet, smart phone, microchip
What do people depend on when they want or need something?
Trade in order
consumers could choose to stop buying the shoes
If prices get high
What influences producers to spend as little as possible to create goods or services that people will pay a lot for?
profit
_______is the amount of product that is available.
Supply
This describes how a community uses its resources
Economy
what did Henry Ford do?
He manufactured cars
a fair exchange of money for a good or service is ...
value
______________can have a huge impact on the world
scarcity
on a scale,entire______can be producers
contries
Henry Ford payed his employees ___________.
double the price
producers work to provide a high quality product or service that people believe...
is worth the cost
The amount of product that people want or need is...
demand