flash cards

Stack #2650494

Question Answer
Economics The production, distribution and consumption of goods and services.
Bartering Exchanging one good or service for another. (Trading)
Capitalism Ecomic system in which private owners control the product of goods and profit (free enterprise, market economy)
Supply How much people have or how much is availble
Demand What or how much people want
Currency Money
Specialization Making a living doing what a person does best
Literacy rate The percentage of people in a country who can read and write
Standard of living Degree of wealth and material comfort (stuff) available to a person or community
Currency exchanging Trading on type of currency for another Example. USA -1.00, mexico-19.69
Voluntary trade A market where buyers and sellers have the right to sell and buy by there own preference or refuse to if they chose
GDP (gross domestic product) The vaules of all the goods and services produced in a country per year (how healthy a economy is)
GPD per capita GPD? number of people working

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