Ch. 11 Vocabulary
A good
product
to trade without using money
barter
What is timber an example of?
raw material
How does money make trade easier?
Money is easy to carry.
Cowrie shells were once used as what?
money
A person who buys a product or service
consumer
the money left over after all the costs of running a business have been paid
profit
What three types of resources do businesses need?
natural, human, capital
Where are United States coins made?
the United States Mint
The first coins ever used were?
Turkish coins
money
capital
the contest among businesses to sell the most goods or services
competition
Why do people depend of their jobs?
for money
How do consumers affect the prices of goods and services?
The demand for a product or service affects its price.
True or False
The Euro is the money of the countries in the European Union.
True
A good brought into one country from another country
import
the products and services that businesses provide
supply
How do producers and consumers depend on one another?
Consumers depend on producers for goods and services; producers depend on consumers to buy the goods and services they offer.
How can a budget help people save money?
A budget tells people how much money they can save; this tells them how long it will take to reach their economic goals.
What lets people buy goods and services now and pay for them later?
credit cards and (paypal)
selling goods and services online
e-commerce
to buy something that will grow in value
invest
What is one good the United States exports?
computers
What is scarcity?
It means that the supply of a product is not enough to meet the demand for it.
What is an entrepreneur?
A person who starts and runs a business