Chapter 2 Lesson 7

Question 1

Economy

Answer 1

the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

Question 2

Gift economy

Answer 2

A gift economy, gift culture, or gift exchange is a mode of exchange where valuables are not traded or sold, but rather given without an explicit agreement for immediate or future rewards. This contrasts with a barter economy or a market economy, where goods and services are primarily exchanged for value received.

Question 3

commodity

Answer 3

a raw material or primary agricultural product that can be bought and sold, such as copper or coffee.

Question 4

commodity economy

Answer 4

In economics, a commodity is a marketable item produced to satisfy wants or needs. Often the item is fungible. Economic commodities comprise goods and services.

Question 5

debt

Answer 5

something, typically money, that is owed or due.

Question 6

currency

Answer 6

a system of money in general use in a particular country.

Question 7

counterfeit

Answer 7

made in exact imitation of something valuable or important with the intention to deceive or defraud.