Social Studies: Trade Flashcards
___________________ is when there is not enough of something to meet all of people’s wants and needs
scarcity
____________________ is a machine, tool, or building used to produce goods and services
capital resource
_____________________ is someone who makes a product
producer
_______________________ is a resource that takes a LONG time to replace or cannot be replaced
nonrenewable resource
_______________________ is trade between two countries
international trade
________________________ is to bring product and resources into one country from another country
import
_______________________ is a resource that can be replaced quickly
renewable resource
_______________________ is the sharing of information or news
communication
________________________ is when people choose what to produce and buy
free market
________________________ is to do one job or make one part of a product
specialize
Phoenix, Arizona depends on Portland, Oregon for what resource?
wood
Before lumber is delivered to a community…
trees are cut down and milled
A __________________________ provides a service to get lumber to different cities.
truck driver
What are the 3 reasons people trade with each other?
1) to get goods they cannot make
2) to make money from the trade
3) to benefit from the trade
Give three examples of a capital resource
1) machine
2) tools
3) buildings
