Social Studies Producers and Consumers

Question 1

An automobile mechanic earns an income by

Accepted Answer

providing a service to a customer

Question 2

The amount of goods offered for sale by a business

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supply

Question 3

To do just one kind of work or sell one kind of product

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specialize

Question 4

Factory setup where workers each add a part to a product as it passes by on a moving belt.

Accepted Answer

assembly line

Question 5

The money used to RUN a business

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capital resource

Question 6

The money used to start a business is called

Accepted Answer

capital

Question 7

Someone who makes and sells a product is a

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producer

Question 8

Commericials, newspaper adds, and Craiglist are all kinds of

Accepted Answer

Question 9

Resources used to make a product

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raw material

Question 10

The efforts of two businesses to get the customers to buy from them

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competition

Question 11

The money used to start a business is called

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capital

Question 12

The shortage or lack of supply of a product

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scarcity

Question 13

The amount of money left over after the costs of running a business have been paid

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profit

Question 14

The desire or need for a product or service

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demand

Question 15

The efforts of two businesses to get the customers to buy from them

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competition

Question 16

Getting customers to want a product

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marketing

Question 17

The freedom to start your own business

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free enterprise

Question 18

Your company makes bicycles. You are a

Accepted Answer

producer

Question 19

Factory setup where workers each add a part to a product as it passes by on a moving belt.

Accepted Answer

assembly line

Question 20

A person's plan for spending and saving their money is called a

Accepted Answer

budget

Question 21

The demand for a product will be small if

Accepted Answer

people decide to save their money instead of spending

Question 22

Amount of money a worker is paid

Accepted Answer

wage

Questions 22