Module 1 Lesson 3

 the money an individual or business has left after paying expenses.

• Profit

• Entrepreneur

• Supply

• Demand

The US has this type of economy

• mixed economy

• command economy

• traditional economy

• trade economy

• barter economy

Barter system of economy

• exchanging goods or services directly for other goods or services

• uses money to buy goods and services

• uses coins and paper money to buy goods and services

• exchanging pancakes or waffles for gold or silver

the goods used to make other goods and services, includes tools, trucks, machines, and office equipment.

• capital

• demand

• supply

• Silk Road

A shortage of resources is known as ___

• scarcity

• supply

• demand

• profit

Supply ___.

• is the amount of a good or service that businesses are willing and able to produce.

• is the desire to have a good or service and the ability to pay for it

• the buying and selling of goods

• profit

Demand ___

• is the desire to have a good or service and the ability to pay for it.

• goods used to make other goods and services

• exchanging goods and services

• is a barter system

Wealth is ___

• the value of all the possessions a person or country has

• the Silk Road

• barter systems and mixed economies

• profit

This route stretched from China to Rome. Trade along this route allowed people in Rome to obtain silk, and people in China to obtain wool and other goods.

• The Silk Road

• The Trade Road

• The Rome Road

• The Wool-Silk Road

To import is to ___.

• bring in goods or services from another country.

• send goods or services to another country.

• have a shortage of goods.

• exchange goods or services directly for other goods or services.