G4 - U4 L7 Review

When businesses sell the same good or service

• Competition

• Consumer Sovereignty

• Demand

• Supply

Trading goods and services with others for other goods and services or for money

• Circular Flow

• Human Resources

• Income

• Exchange

What people pay when they buy a good or service

• Scarcity

• Demand

• Substitute Goods

• Price

When Individuals, regions, and countries produce certain kinds of goods and services

• Division of Labor

• Productivity

• Specialization

• Capital Resource

Why does the United States need to import products?

• The US does not import products
• Some are easier and cheaper to make in other countries
• The US makes all of its own products

A good that people in one country sell to people in another country

• Export

• Import

• Competition

• Specialization

A good that people in one country buy from people in another country

• Export

• Import

• Specialization

• Competition

Importing and Exporting are needed because countries specialize.

• True
• False

__________ is the seller that sells the goods of a country.

• Exporter

• Importer

• Export

• Import

_______________ is the buyer of goods or services from another country.

• Exporter

• Importer

• Export

• Import