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Economy- S.S
| Term | Definition |
|---|---|
| Economics | The production (making), distribution (selling), and consumption (use) of goods and services. |
| Bartering | Exchanging one good or service for another |
| Capitalism | Economic system where private owners control the production of goods and profit (free enterprise, market economy) |
| Supply | How much people have or how much is available |
| Demand | What or how much people want or need |
| GDP (Gross Domestic Product) | The value of all the goods and services produced in a country per year |
| Standard of Living | The degree of wealth and material comfort available to a person or community |
| Literacy Rate | The percentage of people in a country who can read and write |
| Specialization | Making a living doing what a person does best or making a living using the resources that are available to you |
| Currency | A country's form of money |
| Currency Exchange | Trading one type of currency for another |
| Voluntary Trade | A market where buyers and sellers have the right to buy and sell what they want (not forced or dictated by the government) |
Created by:
kssendagire02