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Stack #2905890

TermDefinition
Economics •the production (making), distribution (selling) and consumption (using) of goods and services
Bartering • Exchanging one good • Example: My purple flair pen for your fidget spinner or service for another
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
Gross Domestic Product (GDP) • The value of all of 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
Currency Money
Currency exchange Trading one type of currency for another
Voluntary Trade A market where buyers and sellers have the right to sell and buy there own preference or refuse to if they choose
Embargo Forbid trade with another country
Tariffs Taxes placed on imported goods
Quotas Restrictions on the amount of goods that can be imported into a country
Created by: 200421698
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