Chapter 2: Cave Man Commerce
Terms in this set (10)
a system of exchange by which goods or services are directly traded for other goods or services without using money.
the act or process of buying, selling, or exchanging goods or services.
someone who acquires the ownership of goods or property, or the benefit or use of services, in exchange for something of value.
someone who transfers the ownership of a good or property, or the right to receive services, in exchange for money or something of value.
a value that will purchase a good or service.
the worth of a good sold or service.
the total amount of a product, good, or service that is available for purchase.
the desire for a certain good or service, supported by the capacity to purchase it.
bargaining between two or more parties with the goal of reaching an agreement.
double coincidence of wants
requirement of a barter exchange that each trader has what the other wants and wants what the other has.
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Series 7 Top-Off Exam Preparation | Knopman Marks Guide
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Chapter 3: Show Me the Medium of Exchange
Chapter 4: The Money Morph
Chapter 5: Crazy for Currency
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