History
A distinct period of history characterized by a particular feature.
What is an age?
The process of exchanging goods between people (typically in a market).
What is trade?
The things a business produces for its consumers.
What are products?
Something that people use or want to use.
What is a resource?
The state of being extremely poor.
What is poverty?
An age where stone was used as the main material for tools.
What is the Stone Age?
A network of businesses driven to create products for consumers.
What is an economy?
The ultimate end of all business activity. The products a business makes for consumers specifically.
What are consumer products?
The most basic raw material. Useful things found in nature that are simply harvested.
What are natural resources?
Being so poor that one can barely survive. The standards of prehistoric humans.
What is absolute poverty?
An age where iron was the main material for tools.
What is the iron age?
People hired to use tools needed to process raw materials into products.
What are workers?
Products made by businesses for other businesses.
What is an intermediate product?
Used by workers to transform raw materials into products.
What are tools?
Being poorer than most people is commonly referred to as ____.
What is relative poverty?
The age we are currently in today, characterized by computers, websites, libraries, and databases.
What is the information age?
Making one specific product or doing one specific thing.
What is specialization?
The person who buys a product to consume it, (or to use it up).
What is a consumer?
The fallacy that states redirecting resources to cause and/or repair damage is ultimately good for the economy.
What is the Broken Window Fallacy?
It exists to serve people by providing them with needed products and increasing wealth.
What is the economy?