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Nature of Barter
the exchange of goods and services without the use of money
| Term | Definition |
|---|---|
| Barter | the exchange of goods and services without the use of money |
| Disadvantages of barter | 1. double coincidence of want 2. Indivisibility of commodity 3. Storage of goods 4. Rate of exchange |
| Double coincidence | Someone has what you wan but doesn't want what you have |
| Indivisibility of commodity | quantity in the product exchanged |
| Advantages of Barter | 1. People can have access to goods they dont have 2. Surplus production can be traded 3. There is no need for money 4. People can specialize in producing 1 or small number of goods |
| Subsistence Economy | Producing enough for you and your family |
| Characteristics pf money | Durability Portability divisibility and uniformity |
| money | is a medium of exchange for goods and services> It was invented to better the trading System. |
| Economic System | in which people produce just enough for their own communal needs with no surplus for export |
| Advantages of Economic Systems | 1. Strong sense tradition and community 2. In balance with environment |
| Disadvantages of Economic Systems | 1. Few choices for individuals 2. Limited range of goods |
| Business Organization | a single individual or a group of persons who have pooled their resources in order to make a profit |
| Private Sector | is the part of the economy that is operated by individuals and companies for profits and is not controlled by the government |
| Characteristics of a Private Sector | 1. to make a profit 2. to cater to the needs and wants of individuals 3. No participation of the government |
| Advantages of Private Sector | 1. Large salaries 2. More opportunities for advancement 3. Better benefits in the form of insurance 4. more freedom |
| Disadvantages of Private Sector | 1. Stressful environment 2. Fear of job cuts 3. Cut-throat competition 4. Instability |
| Private sector fundings | 1. Loans from banks 2. the selling of shares to the public 3. Personal savings 4. borrowing money |
| Public Sector | is a mixed economy including all organizations owned and controlled by the government |
| Characteristics of Public Sector |
Created by:
Pikachu59
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