Economics of Europe Vocabulary

Economy

• the study of animals and how they live in their habitats

• the system by which goods and services are produced, distributed, and consume

• how people decide what color to paint their houses

• a game where you collect money to buy video games

Currency

• the type of money used in a country (e.g., Euro, Pound)

• a type of food that people eat for energy

• the way we measure the temperature outside

• a special dance that people do at celebrations.

Trade

• a type of game where you try to catch the most fish

• means planting flowers in a garden

• the process of telling stories around a campfire

• the exchange of goods and services between countries

Import

• a way to send letters to your friends

• a special kind of dessert that people enjoy

• to bring goods or services into a country from abroad

• to bring home a new pet from the animal shelter

Export

• to send goods or services out of a country to sell to others

• the process of cleaning your room

• a type of sport where teams compete in races

• to create a new video game

Supply and Demand

• a game where players collect stickers and trade them

• how many books you can read in a week

• a way to measure how tall people are

• the relationship between how much of a product is available and how much people want it.

Market

• a place where you go to watch movies and eat popcorn

• a garden where people grow vegetables

• a place where buyers and sellers come together to trade

• a type of game where you collect points for winning

Investment

• using money to buy something that will make a profit in the future

• a way to decorate your room with posters and lights

• means planting seeds in a garden to grow flowers

• the process of making a new recipe for dinner

Budget

• a type of dance that people do at parties

• a plan that shows how much money is earned and spent

• a special recipe for making cake

• the amount of time you spend watching TV each week

Gross Domestic Product (GDP)

• a way to measure how tall people are in a country

• a type of dessert made with chocolate and fruit

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

• the total number of sports played in a year