Glossary Terms:

I Have No Money, Would You Take Wampum?

Glossary terms from:


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


Government-issued pieces of metal that have value and are used as money.


The money in circulation in any country.


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.

Paper Money

Certificates of various denominations generally recognized and accepted as a medium of exchange within a nation and elsewhere. Paper money is issued and backed by national governments or, in the case of the euro, by a group of governments.


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.