"The Nation's Economy" Chapter 4-Grade 4

The separation of work process into a number of different job.

• Producer

• Outsourcing

• Division of Labor

• Profit

A person who makes a product or service to sell.

• Consumer

• Producer

• Profit

• Investor

The use of public notices to bring notice to a product or a service.

• Producer

• Advertising

• Consumer

• Entrepeneur

The difference between a business's total sales and total expenses.

• Profit

• Producer

• Investor

• Entrepeneur

Which is an example of a need?

• Food

• Soccer ball

• Bike

• Treehouse

Which is an example of a free market economy?

• The government decides which goods and services will be created.

• The producer decides which goods and services will be created.

• The consumer decides which goods and services will be created.

How has technology changed communication?

• E-mail has made communications faster and cheaper.

• Fewer people need to communicate.

• Communication is really expensive.

What is bartering?

• Paying money to buy a ticket for Valley Fair.

• Refusing to buy a game because the price went up.

• Trading a baseball card for a pack of gum.

• Buying a pair of shoes and getting a second pair for half the price.

Which describes inflation?

• When people trade goods and services without paying for them.

• When a resource is limited like gas, Tickle Me Elmo.

• When there is too much supply and no demand.

• When the usual price of goods and services rises.

Why do entrepreneurs take risks?

• They believe their business will earn money.

• They believe they won't lose money even if their business fails.

• They know their ideas are too good to fail.

• They know the banks will always give them more money.