Free Economics Flashcards about Social Unit 1 CH 3

Social Unit 1 CH 3

Question Answer
trading one thing for another barter
money left over after the costs of the business are paid profit
amount of an item people are willing to buy demand
making parts of a product in different places around the world globalization
a person who makes the goods to sell producer
a person who buys goods consumer
amount of an item sellers are willing to offer supply
in the country, small town, or farm rural
in the city urban
when one depends on another and can't do it alone interdependent
the way people send and receive information communication
the movement of goods, people, or animals from one place to another transportation
what you give up when you choose one thing over another opportunity cost
something a person must have to live need
something a person would like to have, but can live without want

a system where businesses have the right to produce any goods they want free enterprise system
the resources of a community and how they are managed economy
as industry grew, many people moved off the farm to here city
what was discovered in California in 1848 gold
what was built coast to coast and helped industry grow railroad
our free enterprise economy is based on this system supply and demand
if a business has too much product, the price might go ___________. down
if the demand for a product is high, the price might go _________. up

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