13: Money Flashcards
1
Q
what is exchange?
A
exchange is the act of trading the surplus goods ppl have, to obtain the other things which they require.
2
Q
what is barter system?
A
a system of exchange where goods & services are exchanged directly for other goods and services.
3
Q
what is a barter economy?
A
economy based upon the barter exchange is known as a barter economy.
4
Q
define money.
A
anything that is generally acceptable as a means of exchange and at the same time acts as a measure and store of value.
