March 23, 2018 

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JOINT PRODUCT: One of two goods that are produced jointly using the same resource--that is, the production of one good automatically triggers the production of the other. Also termed by-products or complements-in-production, a noted example is the production of two goods--beef and leather--from one resource--cattle. Another joint product example is lumber and sawdust--both produced from a single tree.

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Lesson 17: Money | Unit 4: Money's History Page: 17 of 25

Topic: Barter <=PAGE BACK | PAGE NEXT=>

A long time ago, our ancestors realized that life could be better with a little trading.
  • Our ancestors first satisfied their own wants and needs.
  • Then, self-sufficiency gave way to barter.

Two reasons for barter:

  • First: Barter lets resources specialize in production.
  • Second: With barter trades, people can access a wider variety of goods than they could produce on their own.
  • Barter is a more effective way of satisfying our wants and needs.

However barter is not perfect:

  • We need double coincidence of wants.
  • It takes resources for trades.


  • Our ancestors progressed to the next stage: commodity money.

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An actual outlay or expenses incurred in the production of a good that shows up in a firm's accounting statements and records. Accounting cost is an explicit payment (that is, money changing hands) incurred by a firm. Accounting cost, while very important to accountants, company CEOs, shareholders, and the Internal Revenue Service, is only minimally important to economists. The reason is that economists are more interested in economic cost (also called opportunity cost), which is the value of foregone production.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius seeking to buy either a turbo-powered vacuum cleaner or a battery-powered, rechargeable vacuum cleaner. Be on the lookout for spoiled cheese hiding under your bed hatching conspiracies against humanity.
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Paper money used by the Commonwealth of Massachusetts prior to the U.S. Revolutionary War, which was issued against the dictates of Britain, was designed by patriot and silversmith, Paul Revere.
"It is not the straining for great things that is most effective; it is the doing of the little things, the common duties, a little better and better."

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