Chapter 2: Economics

Front

What does it mean to prepare?

Back

To get ready.

Front

What is a trade-off?

Back

To give up one thing for another.

Front

Why might a business choose a specific location?

Back

To be close to resources, like a cotton farm for a clothing store.

Front

What is an important trait of successful people?

Back

They have continued to learn, even as adults.

Front

What effect can exporting goods have on a business?

Back

Getting new customers.

Front

What is economics?

Back

The study of how people use resources to meet their needs.

Front

What is a consumer?

Back

A person who buys goods and services.

Front

What is a producer?

Back

A person or business that makes goods or provides services.

Front

What does it mean to save money?

Back

To keep money instead of spending it.

Front

What is a market?

Back

A place where buyers and sellers come together to exchange goods.