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Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

V

Value of Money
The ability of money to buy goods and services. A wide variety of items has been used as money. Money need not have any intrinsic value. It is people's willingness to accept it that gives it value.
Variable Costs (VC)
Costs of production that change as a firm's output level changes.
Variable Expenses
Expenditures that change from week to week or month to month--for food, clothing, recreation, and entertainment, for example.
Voluntary Exchange
Trading goods and services with other people because both parties expect to benefit from the trade.
Voluntary Trade
Trading goods and services with other people because both parties expect to benefit from the trade.