Terms in this set (15)
Things people make or use to satisfy their needs and wants.
activities that are performed by people, firms or government agencies to satisfy economic wants.
world market in which people and businesses from different countries buy and sell their products.
division of labor
system in which different people perform different jobs, instead of each person having to do all kinds of work.
whatever must be given up to obtain some item
MS is the leader in the United States for this product
study of how goods and services are made, sold, and used.
the largest industry in MS
most people are employed in this field
manufacturing jobs include
building ships, making electronic equipment, and mixing chemicals for agriculture
low supply, high demand
leads to higher prices
cost will increase
Most of the farmers' soybean crops have been killed by insects. What will probably happen to the cost of soybeans?
Elizabeth wants pepperoni pizza at lunch, and there isn't a lot left. The supply of pepperoni pizza is
examples of service jobs
teachers, nurses, lawyers, salespeople, plumbers
supply and demand
Products are made depending on the need or wants of the consumers