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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) |