15 terms

Barter Economy

STUDY
PLAY
barter economy
Barter is a method of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money.
good
any item that can be bought, sold, or traded
service
any action that one that one does for another in exchange for some form of payment
medium of exchange
anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region.
resource
anything used to produce a good or service
economics
study of how we made decisions to allocated limited resources in order to meet our unlimited wants
archaeologists
dig into the earth to find artifacts that will tell us something about early inhabitants
artifacts
pottery shards, weapons, tools, jewelry, or any items that were made by people
shale
a type of rock that is formed in successive layers
anthropologists
use these artifacts along with cave drawings, well traveled pathways, and oral history to study the culture of a group
culture
describes beliefs, traditions, music, art, and social institutions of a group of people who share common experiences
colony
a group of people who settle in a new land but who keep their ties to their homeland
precipitation
rain, hail, sleet, or snow
wetland
law-lying land area where water lies close to the surface creating sloughs, swamps, bogs, ponds, and freshwater marshes
continental shelf
a portion of the continent or the coastal plain that extends into the ocean
YOU MIGHT ALSO LIKE...