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