Economics

The work that people do.

Those who buy a good or service.

The amount of money that producers are willing

to sell a good or service for.

Money citizens or businesses must pay the

government.

Things that can be touched such as clothing and

food.

When producers freely choose to sell and

consumers freely choose to buy, this tends to

help both buyers and sellers. Since consumers

are free to buy what they want, their purchases

reveal to producers what goods and services are

in demand. This helps sellers because demand

tells then what they should produce if they want

to make a profit. It also helps consumers by

making sure producers are only producing things

consumers want or need.

For centuries, the South focused on crops like

tobacco and cotton. What is this called?

Which statement BEST identifies and explains an

effect of specialization in the manufacturing

process?

Henry Ford used the idea of specialization of

labor when he introduced the assembly line to

the process of car production.

What effect did the use of the assembly line have

on the production of cars?

Banks help the US economy by