flash cards


Term Definition
Economics the production (making), distribution (selling) and consumption (using) of goods and services
Bartering Exchanging one good or service for another
Capitalism Economic system in which private owners control the production of goods and profit
Supply How much people have or How much is available
Demand What or how much people want
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 or making a living using the resources that are most available to you
Currency a country's form of money
Currency Exchange trading one type of currency for another
Voluntary Trade a market where buyers and sellers have the right to buy and sell what they want (not forced or dictated by the government)

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