| A | B |
|---|
| barter | trade one kind of good or service for another |
| communication | the way that people send and receive information |
| consumer | a person who buys goods or services |
| demand | quantity of an item that consumers will buy |
| economy | resources of a country, state, region, or community and how they are managed |
| free enterprise system | a system in which businesses have the right to produce the products they chooset |
| globalization of businesses | goods are produced using resources, raw materials, and services from several countries |
| interdependent | regions depend on one another |
| need | something that a person must have to live |
| opportunity cost | what you give up when you choose one product over another |
| producer | a person or business that makes products to sell |
| profit | money left over after all costs are paid |
| rural | living on farms or in small towns |
| supply | quantity of an item that sellers are willing to offer at different prices |
| technology | development and use of scientific knowledge to solve problems |
| transportation | the moving of goods, people, and animals |
| urban | living in city areas |
| the first Americans to North America | might have might have been drawn to N. America following a migrating herd |
| factors that have increased world trade | communication, transportation, & globalization |
| event that led people to California | 1848 discovery of gold |
| many people moved from rural areas to city areas in the late 1800s | due to the growth of industries and the railroad expansion |
| free enterprise economy | businesses operate on a system of supply and demand |
| advances in technology in the late 1800s | linking the country by railroad, making steel, producing electricity, & using natural resources to run engines |
| as supply increases | more products exist that need to be sold, prices may go down |
| as demand increases | people are willing to pay more for a product, so prices may go up |
