Glossary Terms:

A Pet For Beans from 'Jack and the Beanstalk'

Glossary terms from:
http://www.econedlink.org/e289


Barter

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

Benefit

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

Exchange

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

Goods

Tangible objects that satisfy economic wants.

Money

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.

Services

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

Trade

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.