PVA 4th History C3 History Chapter 3 vocabulary

Term Definition
producer a person who makes goods or products to sell
transporation the movement of goods, people, or animals form one place to another
profit the money a business has left over after all the costs of the business are paid
technology the development of scientific knowledge to solve problems
communication telephone and emails
If the _______________ for a product suddenly increases, the price of the product may rise. demand
urban city
economically interdependent regions that depend on each other for goods, services, and resources
need something a person must have to live, such as food
consumer person who buys goods or services
globalization process in which a business makes something or provides services in different places around the world
rural small towns or farms
want something a person would like to have but can live without
The United States _______________- is based on a free enterprise system. economy
barter exchange of goods and services
Having a large ________________ of a product can cause the price of the product to fall. supply
free enterprise system where businesses decide what goods to make or services to sell