Economy Study Words

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What does Shortage mean?

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• Shortage- having fewer goods, services, or resources available at a particular price that people want​

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What does Surplus mean?

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• Surplus- having more goods, services, or resources available at a particular price that people want​

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What does Finance mean?

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• Finance- the management of the money​

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What does Circular Flow mean?

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• Circular Flow- a model of an economy showing the interactions between households and businesses as they exchange goods, services, and resources in markets​

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What does Exchange Rate mean?

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• Exchange Rate-  a unit of currency of on country can be exchanged for that of another country​

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What does Standard of Living mean?

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• Standard of Living- a level of material comfort in everyday life that is measured by the goods and the services available to an individual, group, or nation​

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What does Economic System mean?

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• Economic System- the way a society organizes the production, consumption, and distribution goods and services​

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