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19 Cards in this Set
- Front
- Back
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The countryside is considered a _______ area.
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The countryside is considered a rural area.
Review page: 71 |
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Putting scientific knowledge to practical use is called ___________.
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Putting scientific knowledge to practical use is called technology.
Review page: 70 |
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Businesses in a _________ have the right to produce any goods they want.
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Businesses in a free enterprise system have the right to produce any goods they want.
Review page: 76 |
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When you choose one thing over another, what you give up is the _________.
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When you choose one thing over another, what you give up is the opportunity cost.
Review page: 78 |
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The process of making parts of a product in different places around the world is called ________.
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The process of making parts of a product in different places around the world is called globalization.
Review page: 82 |
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A person who makes goods to sell is a __________.
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A person who makes goods to sell is a producer.
Review page: 74 |
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Cities are ________ areas.
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Cities are urban areas.
Review page: 71 |
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The amount of an item that sellers are willing to offer at different prices is the ________.
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The amount of an item that sellers are willing to offer at different prices is the supply.
Review page: 77 |
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To trade one kind of goods or service for another is to __________.
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To trade one kind of goods or service for another is to barter.
Review page: 73 |
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A person who buys things is called a ___________.
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A person who buys things is called a consumer.
Review page: 74 |
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When regions depend on one another, they are economically ________.
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When regions depend on one another, they are economically interdependent.
Review page: 81 |
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The amount of an item that consumers are willing to buy at different prices is called __________.
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The amount of an item that consumers are willing to buy at different prices is called demand.
Review page: 77 |
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List some resources that Native Americans or Europeans settlers found in North America.
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* Game animals
* Fish * Fertile soil * Wild plants |
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What is the difference between bartering and using money?
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Bartering requires the physcial exchange of goods or both parties providing services.
When using money, only the seller provides a good or service. |
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Why are transportation and communication very important in our modern economy?
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Our modern economy is global. A global economy is difficult with out reliable communication and transportation.
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How did America's rich resources affect early settlement?
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America's rich resources made immigration attractive to settlers.
Local resources also affected what settlers grew and raised. |
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How might a change in supply or a change in demand affect the price of objects?
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An increase in supply often causes price to decrease. (Remember the teeter-totter.)
An increase in demand also usually causes the price to increase. (Remember the elevator.) |
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How are economic interdependence and globalization related to one another?
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Globalization increases interdependence.
Interdependence make globalization work better. |
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Having a healthy economy is important for our country. Why is this true?
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Having a healthy economy is important for our country so that people have jobs and can earn money to buy the things they need.
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