Exploration Vocab Pt.2

Question 1

Export

Answer 1

Send (goods or services) to another country for sale.

Question 2

Interdependence

Answer 2

The dependence of two or more people or things on each other.

Question 3

Import

Answer 3

Bring (goods or services) into a country from aboard or sale.

Question 4

Hidden costs

Answer 4

Expense not normally included in the purchase price of an equipment or machine, such as for maintenance, supplies, training, and upgrades.

Question 5

Migration

Answer 5

Movement of people to a new area or country in order to find work or better living conditions.

Question 6

Industry

Answer 6

Economic activity concerned with the processing of raw material and manufacture of goods in factories.

Question 7

Natural resorces

Answer 7

Natural resources may exist as a separate entity sauce as fresh water, air, and as well as a living organism such as as a fish, or it may exist in an alternate form that must be processed to obtain the resource such as metal ores, rare earth metals, petroleum, and most forms of energy.

Question 8

Economy

Answer 8

A system for allocating resources to meet people’s needs and wants. It determines how goods and services are made and exchanged.