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Lets 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.

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Presentation on theme: "Lets 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."— Presentation transcript:

1 Lets 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.

2 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.

3 So what are the terms that you have to know? 1)Import 2)Export 3)Market

4 Import Trade good brought into a country

5 Export Trade goods sent to markets outside a country

6 Mercantilism Economic theory that a nations strength came from building up its gold supplies and expanding its trade.

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

8 Triangular Trade Colonial trade route between new England, the West Indies, and Africa.

9 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


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