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SATISFACTION: The process of successfully fulfilling wants and needs. A basic fact of life is that people want and need stuff to stay alive and to make that life more enjoyable. Satisfaction is the economic term that captures this wants-and-needs-fulfilling process. Satisfying wants and needs is actually the ultimate goal of economic activity, the end result of addressing the fundamental problem of scarcity, and, when you get right down to it, life itself.

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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.

Therefore:

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

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PRODUCT

A generic term for a tangible good or an intangible service that is the output or end result of the resource transformation process of a business firm. This notion of product usually surfaces in the context of analyzing the short-run production of a firm, often modified by the terms total, marginal, and average, as in total product, marginal product, and average product.

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Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for the happiest person in the room.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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