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Fiat Money
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Money by government decree. (Money we carry)
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Medium of Exchange
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Something accepted by all parties as payment for goods and services.
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Specie
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Money the form of coins made from silver or gold.
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Market
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A location or mechanism that allows buyers and sellers to exchange goods and services.
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Microeconomics
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The area of economics that deals with behavior and decision making by small units (individuals, businesses and individual markets)
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Resource Market
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Market where resources are bought and sold.
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Circular Flow Model
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A model that illustrates the flow of economic activity between households and businesses. (buying and selling)
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Barter
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A moneyless economy that relies on trading goods for goods or goods for services. Not very efficient
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Product Market
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Market where goods and services are bought and sold.
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Commodity Money
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Money that has alternative use as an economic good, or commodity.
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