Economy Vocabulary
A substance in the environment that is useful to people, like timber, plants, precious metals, etc.
Resource
When resources or goods are exchanged for money
Trade
This civilization had the much-coveted purple dye that they used to their advantage and grew their wealth tremendously.
Phoenicia
This resource was created by using the murex snail.
Purple dye
Silk Road
Material items that have been created using resources that people may want to trade for
Goods
Exchange of goods or resources for other goods or resources (without using money)
Barter
Located around the Nile River, this civilization primarily used bartering with other nearby African and Mediterranean civilizations to meet their needs.
Egypt
This good was created by using the cocoon of special worms to create a luxurious fabric.
Silk
This is needed in civilizations with conquest or imperialism in order to conquer new lands
Strong army
The amount of a given good or resource
Supply
building colonies to harvest/collect resources
Colonization
This civilization lacked natural resources and to get what they needed, they set up colonies to export natural resources.
Greece
Many desert-based civilizations lacked this resource, which was important to build houses and other structures.
Timber/lumber
Rome had a network of these that connected their empire, which made it easier to collect taxes and
Roads
how much people want a good or service at a given price
Demand
Taking goods or resources by force
Conquest
This civilization was able to get what they needed by conquering other civilizations.
Rome
Civilizations that lacked fertile farmland, like Greece and Rome, grew crops like this that grew on vines.
Olives and grapes
The price at which consumers and producers agree
Equilibrium point
A group that has complete control over a good or resource
Monopoly
Trading with cultures all around the world
Globalization
This civilization, located in Mesoamerica, was able to get what they needed through long-distance trade in the rest of the Americas.
Aztecs
These resources were so important in Aztec culture, they were even used as currency (money).
Cacao beans
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