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trading goods, services, and precious metals
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∙ 13y ago
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People who buy and sell goods?
Merchants used to travel around the world to buy and sell goods
What caused the economic downturns in the late 1800s?
Businesses made more goods than people had the money to buy.
What does it mean to have a shortage of goods?
it means there is not enough of the goods that people want 2 buy
Why do people demand money?
to buy goods and services
Which of these is used to produce goods for people to buy?
resources...
Why was there an overproduction of consumer goods during the Great Depression?
People could afford to buy as many goods during the depression, and thus there was a much lower demand in relation to the supply of goods that was provided. This led to an overproduction of goods--too many were produced in relation to the amount that was demanded.
What is the ability of people to buy goods?
We might call it purchasing power, or wealth. In general, people who have money can buy goods.
How did hyperinflation contribute to the great depression?
It caused money to become less valuable, making goods difficult to buy.
What was excess consumerism in the Great Depression?
During the Great Depression, there was overproduction of goods from the factories. Due to the stock market crashing, people began to cut back on what they were buying to save their money. Soon after this, the factories starting exporting less. However, there was still too much product out for the people to consume, so there was an underconsumption of goods, and the factories started losing money because no one would buy the products.
People who buy and sell goods?
Merchants used to travel around the world to buy and sell goods
What caused the economic downturns in the late 1800s?
Businesses made more goods than people had the money to buy.
What does it mean to have a shortage of goods?
it means there is not enough of the goods that people want 2 buy
Why do people demand money?
to buy goods and services
Which of these is used to produce goods for people to buy?
resources...
What is the reduction of jobs goods and money called?
Recession or depression
Where do people buy their goods?
retail trade is conducted in a shop
People who buy goods and services are called?
Consumers
