10 terms

Chapter 2: Cave Man Commerce

STUDY
PLAY

Terms in this set (...)

barter
a system of exchange by which goods or services are directly traded for other goods or services without using money.
trade
the act or process of buying, selling, or exchanging goods or services.
buyer
someone who acquires the ownership of goods or property, or the benefit or use of services, in exchange for something of value.
seller
someone who transfers the ownership of a good or property, or the right to receive services, in exchange for money or something of value.
price
a value that will purchase a good or service.
value
the worth of a good sold or service.
supply
the total amount of a product, good, or service that is available for purchase.
demand
the desire for a certain good or service, supported by the capacity to purchase it.
negotiation
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.