Social Studies Chapter 4

Front

What does the word 'satisfy' mean?

Back

To meet the needs or desires of someone.

Front

What are examples of people's needs?

Back

Food, shelter, clothing.

Front

What are examples of people's wants?

Back

Toys, games, luxury items.

Front

What happens when a business raises the price of a product?

Back

It may lead to fewer people buying that product.

Front

What is a benefit of using computer technology in business?

Back

It saves money by reducing travel costs for meetings.

Front

What does it mean when the supply of a product decreases?

Back

There are fewer products available for sale.

Front

What does it mean when demand for a product decreases?

Back

Fewer people want to buy that product.

Front

What happens when consumers have more money to spend?

Back

They may buy more products or services.

Front

What is the difference between producing goods and offering services?

Back

Producing goods means making physical items; offering services means providing help or work.

Front

What do businesses do to produce goods?

Back

They use resources like labor, materials, and machinery.