Chapter 3
What is something that a person would like to have but can live without?
What is a want?
What prevented a lot of people from selling their products in the past?
What is transportation and communication was poor?
What is it called when two regions depend upon one another?
What is interdependent?
What is the moving of good, people, and animals from one place to another?
What is transportation?
What is something that a person must have to live?
What is a need?
What are two things that has allowed the mail to get so much faster?
What are trains, ships, planes, trucks, and cars?
What do we call it when products are produced from goods and services from many countries?
What did people trade for in the early United States, and what is one thing a lot of people would barter for?
What is fur pelts, and good and services?
What are three ways that communication has improved?
What is the internet, cellular phones, computers, telephones, overnight mail, and GPS?
Why can't one area produce all of the needs and wants of its people, and what is the way that people send and receive information?
What is the climates differ all over the world, and communication?
What attracted the first Native Americans and the Europeans settlers to North America, and what is to trade one kind of good or service for another?
What is the vast amount of resources, and barter or bartering?
What are two ways that people used to barter, and what was discovered in 1848 that caused people to move west?
What is goods for services, services for services, and gold?
What three ancient civilizations used money?
What are the Greeks, Egyptians, and Chinese?
Why was the land so important, and who are the people that buy goods or services?
What is to raise crops and livestock to feed their families, and consumers?
What are the people that make products to sell, and what became the nations main economic activity during the early 1700s?
What are producers and farming and raising livestock?
What is the development of scientific knowledge to solve practical problems, and what was the nations greatest resource during the 1700s?
What is technology, and the land?
In the United States our economy is based on the, and what is an example of a business in Grand Forks?
What is the Free Enterprise System, and you will have to answer part 2 when you see it?
What are the resources of a country, state, or region and how the resources are managed, and what is the money left over after all of the costs of a business are paid?
What is the economy, and the profit?
What are elevators, new ways to drill for oil, new ways to make steel, skyscrapers, telephone, and the railroad?
What raw materials were rich in early America that led to industries being built?
What are coal and iron?
What is it called when people live in the country and what is it called when people live in the city?
What is rural and urban?
Why were people drawn to the Midwest during the early 1700s?
What is it called when you have to choose one product over another? What is the product that you don't choose called? What would happen if the demand for a product increases?
What is opportunity cost, and the price of the object would go up?
What is the quantity of an item that consumers are willing to offer at different prices?
What is the demand?
What is the quantity of an item that sellers are willing to offer at different prices, and what would happen to the cost of an item if the supply for the item runs very low?
What is the supply, and the price would go up?