Unit 3 Vocabulary NT

Front

Export

Back

A good or service produced in one country and sent to another country for sale or trade

Front

Import

Back

Goods or services brought into one country from another country for use or sale

Front

Factors of Production

Back

There are 4 types of resources that are used in the production of goods and services. They are also known as factors of production.

Front

Labor

Back

The humans making and selling the product.

Front

Natural Resources

Back

The materials available to make the product.

Front

Capital

Back

The money available to create a business or produce a resource

Front

Enterprise/Entrepreneurs

Back

The businesses or businesspersons that create, distribute, or sell the product.

Front

International Trade

Back

When countries buy (import) and sell (export) goods and services to and from one another. EXAMPLE: The United States might sell cars to Japan and buy electronics from South Korea.

Front

Economic Interdependence

Back

Countries rely on one another for resources, goods, and services. EXAMPLE: If a country has lots of oil but not many computers, it might export (send out) oil to another country that has a lot of computers but not much oil. The first country would them import (bring in) computers from the other country.

Front

Agricultural Industries

Back

Grow and produce food to sell. Farmers grow wheat, which might be used to make bread that can then be sold in different countries.