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?” Well, simply put, it is “the science that deals with the production, distribution, and consumption of wealth”. Or, in other words, it is studying how people use money.

So what are the terms that you have to know? Import Export Market

Trade good brought into a country Import Trade good brought into a country

Trade goods sent to markets outside a country Export Trade goods sent to markets outside a country

Mercantilism Economic theory that a nation’s strength came from building up its gold supplies and expanding its trade.

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

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

So what are other terms that you have to know? Supply The amount of an item that is in stock or available Demand The level of want/need for an item