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Chapter 11

Chapter 11. Know how to read a product map. Goods and services offered by businesses ______________. supply. How did Cyrus McCormick make life easier for farm workers ?. Cyrus McCormick invented the reaper. How does a business make a profit?.

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Chapter 11

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  1. Chapter 11

  2. Know how to read a product map

  3. Goods and services offered by businesses______________

  4. supply

  5. How did Cyrus McCormick make life easier for farm workers?

  6. Cyrus McCormick invented the reaper.

  7. How does a business make a profit?

  8. A business makes a profit when it sells a product for more than it paid for the product.

  9. How does a business compete with other businesses or shops?

  10. The business or shop offers the best prices and provides good service.

  11. A kind of technology that lets people share information instantly _________________

  12. Communication link

  13. If there is a great demand for a product and a low supply of it, the price will usually be _____________________

  14. Very high

  15. The demand of a product will be small if ___________________

  16. People decide to save their money rather than spend it

  17. new ideas and products___________________

  18. innovations

  19. How was Henry Ford able to sell more cars at a lower price?

  20. By using an assembly line, Ford could produce cars quickly and cheaply.

  21. Which of the following resources were NOT used in Henry Ford’s factory?A. robotsB. raw materialsC. human resources D. capital resources

  22. robots

  23. Louis Daguerre introduced people to photography when he found a way to ………

  24. prevent images from fading away

  25. to do just one kind of work or to sell just one kind of product _________________

  26. specialize

  27. Why is international trade different today from trade during Marco Polo’s time?

  28. Technology has made it easier and faster for people to buy and sell goods

  29. What do interdependent countries do?

  30. Interdependent countries exchange goods and services.

  31. A factory setup in which each worker adds one part to a product as it passes on a moving belt _________________

  32. assembly line

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