Economics Vocabulary

Factors Of Production- an economic term to describe the inputs that are used in production of goods and services to attempt to make a profit

Gross Domestic Product- the total value of goods produced goods and services provided in a country during one year

Standard Of Living- the degree of wealth and material comfort available to a person of community

Literacy Rate- percentage of persons aged 15 and over who can read and write

Medium Of Exchange- is an intermediary used in trade to avoid the inconveniences of a pure barter system

Mixed Economy- an economic system combining private  and public enterprise

Goods- products that can be sold bought traded and used

Services- the action of helping or doing work for someone

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