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Economics

TermDefinition
Economics The production (making), distribution (selling), and consumption (using) of goods and services
Bartering Exchanging one good or service for another Ex.: My purple flair pen for your green fidget spinner
Capitalism Economic system in which 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) All the goods and services produced in a country
Standard of Living The degree of wealth and material comfort available to a person or community
Literacy Rate The percentage of people who can read or(and) write
Specialization Making a living doing what a person does best or making a living using the resources that are most available
Currency A country's form of money
Currency Exchange Trading one type of currency for another
Voluntary Trade A market where buyers or sellers have the right to buy and sell what they want(not forced or dictated by government)
Created by: Simrah Qaddus
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