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Economics 6th grade

Wooo

TermDefinition
Economics The production selling and using goods and services
Capitalism System in private businesses control the making of goods and services
Bartering Trading good or services for another
Supply How much u have of a good or service
Demand What or how much people eant
Gross domestic product (GDP) The value of all goods in the country
Standard of living The degree wealth and comfort a person has
Literacy rate % of peeps that can read or write
Specialization Making living or doing what a person does best
Currency Money
Currency exchange Trading for another type of money
Voluntary trade Market buyers or sellers have the right to sell and buy
What are the 3 questions that the economic system must have to answer What to produce How to produce it For whom to produce
Explain the traditional economic system Based on customs and traditions
Command economic system Gov decides what goods and services are made
Market economic system Citizens decides what goods and services are made
Mixed economy systems Combined market and command systems
Created by: Ayaan Bhayani
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