Vocabulary
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PRESENTATION OUTLINE
EXPORT
- Sending goods to another country for sale
IMPORT
- Bring goods into a country from abroad for sale
HIDDEN COSTS
- Expense not normally included in the purchase price of an equipment or machine, such as for maintenance, supplies, training, and upgrades
MIGRATION
- Movement of people to a new area or country in order to find work or better living conditions
INDUSTRY
- Economic activity concerned with the processing of raw materials and manufacture of goods and factories
NATURAL RESOURCES
- Natural resource may exist as a separate entity such as fresh water, air, and as well as living organism such as fish, or it may exist in an alternate form that must be processed to obtain the resource such as metal ores, rare earth metals, petroleum, and most forms of energy
ECONOMY
- A system for allocating resources to meet people’s needs and wants. It determines how goods and services are made and exchanged
