Social Studies Chapter 4 Study Guide

Comprehensive vocabulary flashcards covering economic terms, supply and demand principles, globalization, and U.S. export data from the Social Studies Chapter 4 Study Guide.

currency

The type of money used in a particular place

Barter

To trade one type of good or service for another type

Inflation

A rise in the usual price of many goods and services

Profit

The money a business has leftover after it pays all its expenses

income

The profit that a business earns over a period of time

borrow

To take and use something with the agreement of returning it at later time

supply

The amount of a product that a business has available for sale

available

Able to be used

demand

The amount of a product that consumers are willing to buy

producer

A person or a company who makes a good or service to sell to others

consumer

A person or a company who buys a good or a service

Involve (s)

To take into account; include

Free enterprise system

Producers have the right to create any good or service they want

market economy

An entire area or country in which things are bought and sold freely

Command economy

The government decides what goods and services can be made and sold

Private property

The land, homes, stores, and goods that people or companies own

Individuals

Single human being

innovations

New inventions or ways of doing things

Imports

Goods brought in from other countries to be sold here

exports

Goods shipped to another country to be sold there

Division of Labor

The separation of a work progress into a number of different jobs

specialization

The ability of a company, group, or person to focus on a single task

productivity

The amount a company can produce with a certain amount of labor

benefits

An advantage gain from something

Outsourcing

The process of hiring people to work outside of a company

scarcity

The amount of a resource is limited

opportunity cost

The value of the item you didn't buy

incentives

Things that encourage us to take action

advertising

The use of public notices to bring attention to a product or service

promote

To make widely known

prefer

To like something better than another

interest

When you keep money in a bank, the bank pays you extra money

Henry Ford

One of the first business owners to use division of labor in his car factories

Alexander Hamilton

The first secretary of the U.S. Treasury, a division of the government responsible for economic rules

Customer Retention

Encourages loyalty and repeat business

Market Penetration

Expands presence in new market segments

Supply and Demand Principle

Consumers buy more of a good when its price goes down and buy less when its price goes up

Globalization Benefits

Increase in some jobs, increase in sales of some products, greater availability of goods, and lower price of goods

Globalization Costs

Loss of some jobs, loss of sales in some areas, and increase in harm to environment

Brand Awareness

Increases recognition and visibility of the brand

Competitive Advantage

Provides a lead over competitors in the market

Drives Sales

Boosts revenue through increased customer purchases

Establishes Trust

Builds credibility and reliability with customers

U.S. Export Value to Canada

$$348.50\text{ billion}$$

U.S. Export Value to Mexico

$$334.04\text{ billion}$$

U.S. Export Value to China

$$143.54\text{ billion}$$

Business objectives

Supports achieving Short-term and long-term goals.

Brand awareness

Incr3ases recognition qj’s visibility of the brand

Establishes trust

Builds credibility and reliability with costumers.

Drive sales

Bosts revenue through increased customer purchases.

Top 10 US Export Partners

1. BRAZIL

2. CANADA

3. CHINA

4. GERMANY

5. JAPAN

6. MEXICO

7. NETHERLANDS

8. SINGAPORE

9. SOUTH KOREA

10. UK