Economics

A factory is a building where workers make goods.

An example of competition between companies is Target and WalMart.

Each worker on an assembly line completes just one step.

Scarcity is having too much of a good or service.

A team of specialized workers is an assembly line.

Anything that is widely used in exchange for goods and services is ____________________.

What does a producer do?

When the price is high, producers usually ____________

Barter is the direct trading of goods and services.

To buy goods and services from sellers in other countries is _______________.

A plan for using money is called interest.

People who make big incomes usually ________________.

The effort a seller makes to win buyers is _______________.

A __________________ is place where people buy and sell goods.

Which of these people are producers?

Something you give up to get something else that you want more is ____________________.

People use thier income to ___________________.

Income is the money people earn for work.

A consumer is somone who buys goods.

Tractors, tools, and buildings are________________.