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Economics vocabulary

This is the vocabulary for the economic systems

TermDefinition
Economics The manufacturing, bartering, and using of goods and services.
Capitalism Economy system where private owners control production of profit.
Bartering Exchanging one good or service for another.
Supply How much people have.
Demand What or how much people want.
GPD (Gross Domestic Product) How much was produced in a year.
Standard of Living The wealth to a person to a person or community.
Literacy Rate The amount of people who can read and write.
Specialization Making a living what a person does best.
Currency Money.
Currency Exchange Trading one type of currency for another.
Voluntary Trade Choose to buy or not.
Embargo Forbidden trade with another country
Tariffs Taxes placed on imported goods
Quotas Restrictions on the amount of goods that can be imported into another country
Created by: kittykaykat
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