MyWorld Social Studies - Chapter 4 Lesson 1-3 Vocabulary

What is a PRODUCER?

• A person who makes goods or services to sell

• One of the people who makes films

• Another way of calling vegetables

What is a CONSUMER?

• Someone who buys or uses goods or services

• People who eats

• Hottest summer ever recorded

What is a FREE ENTERPRISE SYSTEM?

• Economy in which people have the freedom to have the business they want

• Economy in which people are controlled how to do their business

• Economy in which the government only does their business

What is a MARKET ECONOMY?

• A free enterprise system in which focuses on supply and demand

• A free enterprise system in which focuses on price and inflation

• A free enterprise system in which focuses on advertisement and commericial

What is a CURRENCY?

• A country's money

• Dollar

• Stone and precious metal

What is a BARTER?

• To trade goods or services without money

• When Native Americans fought with colonists

• A special type of bar

What is a INFLATION?

• A rise in the usual price of goods or services

• When you put air in a tire

• Something that is too expensive to buy anymore

What is a PROFIT?

• The money a business earns after paying their expenses

• All the money collected from customers

• All the money you pay for expenses

What is a SCARCITY?

• A shortage (too little)

• An abundance (too many)

• A fear (too scary)

What is a OPPORTUNITY COST?

• The value of something that must be given up to get what you want

• How much you pay for a dream job

• A cost business pays their workers during an opportunity