Social Studies Chapter 11 Making and Selling Products (vocabulary Lessons 1,3 and 4)
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20 terms
Terms | Definitions |
|---|---|
 producer | someone who makes and sells a product |
| assembly line | each worker adds on kind of part to a product as it passes on a moving belt |
| industry | all the companies that make the same product or provide the same service |
| capital | money used to start or add to a business |
| human resource | the workers needed to make and sell a product or service |
| raw material | the natural materials needed to make something |
| capital resource | money used to run a business |
| specialize | to do just one kind of work or sell just one kind of product |
| overhead | the amount of money it takes to run a business |
| wage | the money a worker is paid for the work he or she does |
| profit | the amount of money that is left over after all the cost of running a business have been paid |
| marketing | the job of getting customers to want a product |
| competition | the effort to get more customers |
| product map | a map that uses symbols to show where products come from |
| agriculture | the raising of crops and farm animals for sale |
| free enterprise | the freedom to start a business and to make and sell for profit any product or service allowed by law |
| consumer | a person who buys a product or service |
| demand | the desire or need for a product or service |
| supply | the amount of goods offered for sale by a business |
| scarcity | a shortage, or lack of supply, of a product |
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