Social Studies: Ch 7 Economics

Front

What does value mean?

Back

what something is worth to someone

Front

What does demand mean?

Back

the amount of goods and services that people want and can buy.

Front

What does specialization mean?

Back

when each person has a special skill and does one job or part of a project

Front

What does trade mean?

Back

exchanging money for goods or services

Front

What does interdependence mean?

Back

When people depend on each other to get the things they need and want.

Front

What does savings mean?

Back

the money that a person doesn't spend.

Front

What is a producer?

Back

a person who makes a product or provides a service

Front

What is a profit?

Back

The money that businesses have left after their costs are paid

Front

What is a free market?

Back

Allows people to choose what to make and what to buy. (The U.S. has this)

Front

What is an export?

Back

To send out products and services from one country to another