History Chapter 3

Question Answer
A person who makes goods or products to sell Producer
Movement of goods, people, or animals from one place to another Transportation
The money a business has left over after all the costs of the business is paid Profit
The development of scientific knowledge to solve problems Technology
Telephone and email are two modern forms of Communication
If you choose to buy a soccer ball instead of a baseball cap, the soccer ball is your Opportunity cost
If the ………. of a product suddenly increases, the price of the product may rise Demand
People who live in cities live in ……..areas Urban
Regions that depend on each other for goods, services, and resources are economically Interdependent
Something a person must have to live, such ad food, is a Need
A person who buys a good or service is a Consumer
The process in which a business makes something or provides services in different places around the world is Globalization
People who live in a small town or on farms live in ……. areas Rural
Something a person would like to have but can live without, such as a new cd is a Want
The US ………is based on a free enterprise system Economy
Some businesses ……….. their goods and services in exchange for what they need or want Barter
Having a large ………of a product can cause the price of the product to fall. Supply
A …….. is one in which businesses decide what goods to make or services to sell Free enterprise system

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