Vocabulary 1
Define: profit
Any money left over after all business costs are paid
Define: supply
The amount of an item that sellers are willing to offer at different prices.
What might have drawn the first Americans to North America?
They followed a migrating herd of animals.
What role do producers play in the economy?
They make goods or products to sell for a profit.
Which is NOT a way in which people contribute to the nation's economy?
Trading by barter.
Define: economy
How the resources of a country, state, region, or community are managed.
Define: transportation
The movement of goods, people, or animals from one place to another.
Why did many settlers move westward during the early 1800s?
To find more land.
How does a business make a profit?
It sets the price for its goods or services high enough to pay for costs costs and to have money left over.
How are the regions of the United States interdependent?
They rely on one another for goods, services, and resources.
Define: barter
To trade one kind of goods or service for another.
Define: ineterdependent
When two regions depend on one another for goods, services and resources.
Which 1848 discovery led many people to move to California?
In a free enterprise economy, a business operates on what system?
Supply and demand.
How does transportation help economically interdependent regions?
It helps the interdependent regions get the resources they need.
Define: consumer
A person who buys goods or services.
Define: free enterprise system
Which of the following is NOT a change that occurred in the late 1800s?
More people moved from cities to rural areas.
What might happen if a business makes more of a product than people want to buy?
The price of the product will likely decrease.
Which of the following is an example of globalization?
The parts of a computer are made all around the world.
Define: producer
A person who makes goods or products to sell.
Define: rural
A small town or farm.
How did people barter to get things they needed?
They traded goods and services they had for those they needed.
If the supply of a popular product is much less than the demand for it, what will likely happen to the price?
It will likely go up.
Which of the following factors have NOT increased world trade?
Barter.