Glossary Terms:

A Pet For Beans from 'Jack and the Beanstalk'

Glossary terms from:


Trading a good or service directly for another good or service, without using money or credit.


Monetary or non-monetary gain received because of an action taken or a decision made.


Trading a good or service for another good or service, or for money.


Tangible objects that satisfy economic wants.


Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.


Activities performed by people, firms or government agencies to satisfy economic wants.


The exchange of goods and services for money or other goods and services.

Voluntary Exchange

Trading goods and services with other people because both parties expect to benefit from the trade.