Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
25 Cards in this Set
- Front
- Back
|
What does scarce mean?
|
When there is not enough of something, we say it is scarce.
|
|
|
What is a producer?
|
A producer is a person or business that supplies goods and services.
|
|
|
What are goods?
|
Goods are any item that people make and use.
|
|
|
What are services?
|
Services are things that people do for others. For example, a doctor provides medical services.
|
|
|
What does production mean?
|
Production is the act of making or providing goods and services.
|
|
|
What is a consumer?
|
Consumers are people and businesses that use goods and services.
|
|
|
What does profit mean?
|
Profit is the money left over when all expenses are paid.
|
|
|
What does supply mean?
|
The supply is the amount of goods and services that producers make.
|
|
|
What is demand?
|
The demand is the amount of items or services consumers are willing to buy.
|
|
|
If the supply is low and the demand is great, what will happen to the price of the item?
|
It will go up.
|
|
|
If the supply is great and the demand is low, what will happen to the price?
|
It will go down.
|
|
|
What is an entrepreneur?
|
They are owners of businesses.
|
|
|
What are human resources?
|
Human resources are labor- people that use their skills and knowledge to make goods and provide services.
|
|
|
What is the economy?
|
The economy is the system for producing & distributing goods & services. The government tries to control the economy.
|
|
|
Which is the most important part of New York's economy? fishing, agriculture, manufacturing & industry
|
Manufacturing & industry
Manufacturers make things like cameras, glass, paper, furniture & televisions |
|
|
What does import mean?
|
Import means to bring goods into the country from a foreign country.
|
|
|
What does export mean?
|
Export means to send goods out of the country to a foreign country.
|
|
|
What are needs?
|
Things we have to have-
food, water, and shelter |
|
|
What are wants?
|
Things we would like to have like video games or televisions but we don't need them to survive.
|
|
|
The money a person earns for working is called
|
income
|
|
|
When a person buys a product, he or she becomes a
|
consumer
|
|
|
After a business pays its workers and its bills, the money it has left over is called
|
profit
|
|
|
A place where ships load and unload their goods is called a
|
port
|
|
|
Which process involves manufacturing a large number of goods by using an assembly line?
|
mass production
|
|
|
Importing goods from other countries is important mainly because it helps people _______________
|
get items their country needs
|
