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Key Terms Instructions: Please Define the Following Key Terms

question 65

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Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
émigrés


Definitions:

Economy

The method by which goods and services are produced, distributed, and consumed in a specific geographical area.

Specialization

The process of focusing effort and resources on a particular area of expertise or production to increase efficiency and output.

Barter System

An economic system where goods and services are directly exchanged for other goods and services without the use of money.

Monetary Exchange

The process of trading goods and services using money as a medium of exchange rather than direct barter.

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