Unit 7 Review Flashcards
(19 cards)
What is an economy?
It’s the system in which people use money to buy goods and services.
What is meant by supply and demand?
Supply is how much of something there is to buy or use.
Demand is how many people want to buy or use that thing.
How do supply and demand change?
When there is a lot of demand for something, a lot of people want to buy it at the same time. Demand is high and supply becomes low.
But others times, not a lot of people want something. So supply will be high as demand is low.
What is the term for the type of economy the US has?
Free market
Who sets the prices of goods and services in a free market economy?
People set the prices for things they sell. The prices are decided based on supply and demand.
What are two categories of things you can buy in your town?
Goods and services
What is a good?
Goods are things you can buy (books, fruits, computers, etc)
What is a service?
Services are work or help that is for sale (fixing a car, cleaning a home, cutting hair, etc)
What are some goods people can buy around your town?
Fruits, vegetables, phones, books, coffee
What are some services people can buy around your town?
Hair cut, cleaning home, fixing car
How did Percy Spenser accidentally invent the microwave?
He was standing near high/power devices emitting radio energy and felt a candy bar melt in his pocket
How was superglue accidentally invented?
He wanted to make a clear plastic, and made a super sticky thingy instead.
How many millennia (thousand years) has the first wheel been used for transport?
more than 5000 years ago, 5 millennia
What powered the first automobile, and why was the type of fuel changed?
- Steam
- They are more expensive than gas ones
Why was the traffic light invented and how did it change life?
- To avoid accidents
- It avoided accidents
How did Louis Braille’s invention change daily life?
He invented a way for blind people to read
Why was Leonardo Da Vinci’s work with flying machines important?
People have successfully built and used his hang glider
How many millennia (thousand years) ago was paper invented?
More than 2000 years ago, 2 millennia
Why was a partial message sent on October 29, 1969, important?
It was the very first message sent through internet
