Let’s Talk Economics

The following group of terms are economic terms

that you will not only hear when talking about Ancient Rome, but even

in “real life” in the present.

First of all… “What is economics?”

Or, in other words, it is studying how people use money.

Well, simply put, it is “the science that deals with the

production, distribution, and consumption of wealth”.

So what are the terms that you have to know?

1) Import

2) Export

3) Market

Import

Trade good brought into a country

ExportTrade goods sent to markets

outside a country

Market

A demand for goods; the opportunity to buy or sell.

So what are other terms that you have to know?

1) Supply

• The amount of an item that is in stock or available

2) Demand

• The level of want/need for an item