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17 Cards in this Set
- Front
- Back
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assembly line
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method of mass production (making a lot of things at once) where a product is put together as it moves past a line of workers
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boycott
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when people refuse to buy goods or services (like riding the bus) to protest
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consumer
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a person who buys goods or services
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economy
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system for producing and distributing goods and services
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exported goods
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goods that one country sells to another country; goods that go out of the country
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imports
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goods that are brought into the country
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manufacture
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to make goods from raw materials; for example, we take cotton and make cloth
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merchant
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a buyer and seller of goods for profit
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occupation
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someone's job such as a farmer, merchant, or teacher
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profit
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money a business has left over after it has paid all its cost
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scarcity
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when there is not that much of something we say it is scarce; if something is scarce, it can cost more money because there isn't a lot of it
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surplus
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when you have more of something than you need you have a surplus
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supply and demand
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supply means how much we have of something; demand means how many people want it; if the supply is low and the demand is high, it will cost more
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entrepeneur
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Person who starts a new business, hoping to make a profit
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wage
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the pay someone gets for doing their job
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Industrial Revolution
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Period of important change from making goods by hand to making goods by machine in factories.
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mass production
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to make large quantities of things by using machines or assembly lines
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