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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
When a person buys a product, he or she becomes a
After a business pays its workers and its bills, the money it has left over is called
A place where ships load and unload their goods is called a
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