Social Studies: Ch 7 Economics

What does value mean?

• send out products and services from one country to another

• what something is worth to someone

• when people depend on each other to get the things they need

What does demand mean?

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

• the money businesses have left after their costs are paid

• a person who make a product or provides a service

What does specialization mean?

• to send out products and services from one country to another.

• the money a person earns and doesn't spend.

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

What does trade mean?

• exchanging money for goods or services

• the money a person earns and doesn't spend

• allows people to choose what to make and what to buy. (The U.S. does this)

What does interdependence mean?

• a person who makes a product or service

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

• when each person in a group has a special skill and does one job or part of a project.

What does savings mean?

• what something is worth to somebody

• the money that a person doesn't spend.

• a person who makes a product or provides a service.

What is a producer?

• a person who makes a product or provides a service

• what something is worth to a person

• the money that a person earns and doesn't spend.

What is a profit?

• allows people to choose what to make and what to buy

• to send out products and services from one country to another

• The money that businesses have left after their costs are paid

What is a free market?

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

• a person who makes a product or provides a service

• when people use money in exchange for goods and services.

What is an export?

• the money that businesses have left after costs are paid

• a person who makes a product or provides a service

• To send out products and services from one country to another