Chapter 14

Chapter 14 - Chapter 14 Economy A system of producing and...

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Chapter 14 Economy – A system of producing and distributing goods and services Subsistence Economy – A type of economy in which human groups live off the land and have little or no surplus. Conspicuous Consumption – Thorestein Veblen’s term or a change from the protestant ethic to an eagerness to show off wealth by the consumption of goods. Medium of Exchange – The means by which people place a value on goods and services in order to make an exchange for example, currency, gold, and silver. Barter – The direct exchange of one item for another Money – Any item (from seashells to gold) that serves as a medium of exchange; told, currency is the most common form. Currency – Paper money Stored Value – The goods that are stored and held in reserve that back up (or provide the value for) a currency Gold standard – Paper money backed by gold Flat Money – Currency issued by a government that is not backed by stored value. Gross Domestic product – The amount of goods and services produced by a nation
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Chapter 14 - Chapter 14 Economy A system of producing and...

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