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Trade- Roman Empire
Barter & Currency
| Term | Definition |
|---|---|
| barter | a system of exchange in which goods & services are exchanged using no money |
| currency | money - paper or coin, which has a specific value associated with it |
| denarii | Roman currency; gold or silver coins, usually with the image of the current Emperor on one side |
| standardized | a common, consistent set of codes, rules, measurements or values (ex: 16 ounces = 1 pound) |
| inflation | the value of money decreases; the price of goods and services therefore increases |
| proximity | relative location to another place, time in distance |
| value | the worth of a product or service |
| portability | how easily a product can be transported |
| perishable | items that have a shelf life; can go bad, spoil, rot, or deteriorate |
| scarcity | lack of available supply to meet the demand; shrinking amount |
| supply & demand | determines the price of goods/services based on people's desire for it, and the availability |
| surplus | an abundance of supply; more than is needed or can be used |
| profit | earnings from an investment; difference between the cost to produce goods/services, and what you can sell it for |
| compromise | an agreement reached by two sides; each side gives up a little to get the deal done |
| haggle | when a seller and a buyer bargain or argue over the price of an item or service |
Created by:
bottleguy
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