To _____ Is to Directly Exchange One Item for Another

question 28

Multiple Choice

To _____ is to directly exchange one item for another.

• A) barter
• B) purchase
• C) use fiat money
• D) use electronic gold

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Definitions:

Demand

The quantity of a good or service that consumers are willing to buy at a given price over a specific period of time.

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.

Elastic the Supply Curve

Describes a situation where the supply of a good or service changes significantly in response to changes in price.

Normal Good

A good for which demand increases as the income of consumers increase, holding other factors constant.