Presentation on theme: " Any item that is readily accepted by people in return for goods and services."— Presentation transcript:
Any item that is readily accepted by people in return for goods and services.
Exchanging one set of goods for another. Can result in complicated transactions: how many shells would be equal to 4 shiny rocks?
When producers and consumers agree to provide one type of item in return for another. If Apple charges $600 for a new iphone, and very few people buy them then the “producers” of the iphone (Apple) know that consumers are not willing to engage in that exchange.
A form of exchange that allows consumers to use items before completing payment for the merchandise.
A way for producers and consumers to determine the worth of items in an exchange. Value can be expressed as an amount of money, or price.
The degree to which a product is useful to a person. How many coats do you need in Tucson?
When a society can produce all of their needs and wants with no outside assistance. True self-sufficiency is rare.
The reliance among economic actors (in other parts of the world or economy) is known as interdependence.