IN THE school subject economic and management sciences (EMS) you’ll learn how to use money and resources wisely, and how to successfully run a business. In this quick guide, we provide explanations of the most important terms you need to know.
TERMS FROM ECONOMICS: MONEY Anything that people will accept as payment for a product or service. For a long time only coins were used before banknotes started representing value.
BARTERING/TRADE This is when people exchange goods and services without using money. For example, you might trade your sandwich with a friend for their cooldrink.
that , such as sheep, cattle, ivory and gold.
