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Inventions
Inventions
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Horizons Unit 6 Ch. 11 People Working in Communities GRADE 3
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1
Who was the founder of the Ford Motor Company, makers of the first mass produced automobile?
Louise Daguerre
Jeanie Low
Claude Chevrolet
Henry Ford
2
A person who makes and sells a product is called a...
producer
consumer
3
Which company was the first to mass-produce cars in 1908?
Rolls-Royce
Chevrolet
Toyota
Ford
4
The benefits of marketing are
all of the above
new and improved products
lower prices
increased competition
5
What happens in a barter economy?
exchange an item for something we already have
people use silver
exchange only animals
use paper money
6
What does profit mean?
a type of loan
spending more on raw materials
getting customers to want a product
amount of money gained, usually from a business
7
A person who buys a product or service is called a...
producer
consumer
8
What is free enterprise?
to earn prizes
to buy products
to get something free
to own a business
9
What happens when the Supply is low and the demand is high?
The price increaces
The price decreases
10
Scarcity is when the demand exceeds the supply
True
False
11
Who determines demand?
Buyers
Sellers
12
What is scarcity?
More than enough
The right amount
Short supply
13
The natural resources needed to make something is called...
capital resources
human resources
raw materials
industry
