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Economics

TermDefinition
Economics Production,distribution,& consumption of goods & services.
Capitalism Economic system in which private owners control the production of goods.
Bartering Exchanging one good or service for another.
Supply How much people have Or How much is available
Demand What or how much people want.
GDP (Gross Domestic Product) 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 % of people in a country that can read & 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 & sellers have the right to sell & buy their own preference or refuse to if they choose.
Created by: Jordyn G
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