Definitions
Workers are paid this for the work they do.
Wages
The amount of money that is left after all of the overhead has been paid.
Profit
What resources did Henry Ford need to create the Model T Car
Natural, Human, and Capital
List 3 things that might be included in a producer's overhead
space to rent, heat, electricity, and materials, workers wages
What is the term when countries depend on one another?
Interdependence
A term used to describe a very low supply
Scarcity
To buy goods and services from sellers in other countries
Import
Name a Natural Resource
iron ore, coal, water, rock, wood, oil
How can a business increase the demand for a product
Advertise their product
Name one thing people can barter with
Ideas, technology, food, services, goods
A form of trade in which goods are services are traded for something other than money
Bartering
To sell goods and services to people in other countries
Export
Name a capital resource
Buildings, tools, machines
When the demand is high, the price will go
Up (Higher)
What is trade between countries called
International trade
Someone who makes or sells a product
Producer
Money needed to run a business
Overhead
Name a human resource
factory workers
When there is a large supply available, the price
will go down (be lower)
What is the exchange of one thing for another
Trade
Someone who buys a good or service
Consumer
Building in which goods are made
Factory
What invention did Henry Ford use to help create an automobile cheap enough for many families
Assembly Line
How does an assembly line work?
Each worker adds one kind of part to a product as it passes on a moving belt
Planes, ships, and trains