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BARTER EXCHANGE: A method of trading goods, commodities, or services, directly for one another without the use of money. In a barter exchange one good is traded directly for another. This sort of exchange ultimately requires a double coincidence of wants, meaning that each trader has what the other trader wants and wants what the other has. Without a double coincidence of wants the exchange process can become exceedingly complex, requiring a great deal of resources to complete transactions, resources that can not be used for production. In fact, inefficient barter trading was the primary reason that money was invented. With money, more resources can be used for production and fewer are needed for trading. See market.

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Lesson 1: Economic Basics | Unit 4: Goals Page: 12 of 18

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

Pursuing one goal is usually at the expense of another, we have tradeoffs.

Three reasons for tradeoffs:

  • First, resources used to pursue one goal cannot be used to pursue another.
  • Second, actions that move us toward one goal can move us away from another.
  • Third, pursuing a goal may be good for some, but bad for others.
A thought:
  • Economists are inclined to stress efficiency more than others--but efficiency is only one of several goals.

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PLANT

The physical capital (building and equipment) at a particular location used for the production of goods and services. A plant, or factory, is usually a relatively large production operation (compared with something smaller, like a shop). While plant and firm are occasionally used synonymously, a given firm might own more than one plant and a given plant might be owned by more than one firm.

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RED AGGRESSERINE
[What's This?]

Today, you are likely to spend a great deal of time at a flea market trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

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