Economics Vocab Part 2

the degree of wealth and material comfort available to a person or community

• literacy rate

• standard of living

• currency exchange

• specialization

a market where buyers and sellers have the right to sell and buy by their own preference of refuse to if they so choose

• voluntary trade

• literacy rate

• currency exchange

• standard of living

the percentage of people in a country who can read and write

• currency

• voluntary trade

• literacy rate

• standard of living

trading one type of currency for another

• specialization

• currency exchange

• literacy rate

• standard of living

making a living doing what a person does best (carpenter, artist, etc)

• specialization

• currency exchange

• voluntary trade

• currency

money

• standard of living

• voluntary trade

• currency

• literacy rate

the production, distribution, and consumption of goods and services

• supply

• demand

• economics

• bartering

the value of all goods and services produced in a country per year

• demand

• Gross Domestic Product

• Supply

• capitalism

exchanging one good or service for another

• bartering

• gross domestic product

• economics

• supply

what or how much people want

• gross domestic product

• economics

• capitalism

• demand