6th - SS Core Concepts 2.6 to 2.9 Notes Flashcards
What do businesses want to make?
A profit
What is the mean if exchange used today In a market?
Money
What is one way to increase both profit and revenue?
Through specialization - concentrating on a limited number of goods or services.
What are business-like institutions that do not seek to make a profit?
Nonprofit organizations
Which type of economic system is NOT common today?
Traditional
What type of economic system is most common?
A mixed economy - with varying levels of government control
Who does trade benefit?
Both the buyer and the seller
What can give a country or region an advantage in trade?
Geographic location
Trade involving producers and consumers located inside the same country?
Domestic trade
What type of trade involves exports and imports?
International trade
