4th Social Studies Ch. 3

Why did people move west in the 1700s and early 1800s?

• find more land and set up farms

• follow migrating animals

• find factory jobs

• move to large cities

What happened in the late 1800s to change the way people lived and worked?

• the demand for farm products increased in US cities and in Europe

• few people came to the US

• Advances in technology helped industries grow

• Europeans began trading with Native Americans

What is a profit?

• Lack of money

• the cost to run a business

• extra money left after expenses are paid

• system in which the government decides which goods/services can be sold

Why are many regions of the US economically interdependent?

• they use newer modes of transportation

• they no longer communicate with each other

• they all use different kinds of money

• they rely on each other for different goods and services

which 1848 discovery led people to move to California?

• steel

• gold

• fresh water

• oil

How did people barter to get things they needed?

• they traded goods/services they had for those they needed

• they used money to buy goods/services

• they devolved skills to make things for themselves

• they used valuable things to buy goods/services

What role do producers play in the economy?

• they buy goods/services

• they make goods/services

• they control the shipments of goods

• they decide what items of value can be used as money

in a free enterprise economy, a business operates on what system?

• bartering

• supply and demand

• opportunity costs

• deficit and surplus

what happens if a business makes more of a product than people want to buy?

• the price will increase

• the price will decrease

• the business will stop selling that product

• the business will try to make the product more appealing

if the supply if a product is much less than the demand for it, what will likely happen to the price?

• it will go up

• it will go down

• it will stay the same