Examlex
________ is a solid waxy substance produced by deep burial of organic matter.
Medium of Exchange
A medium of exchange is a system or object that is widely accepted as payment for goods and services.
Transaction Costs
The expenses incurred when buying or selling goods or services, including costs of gathering information, negotiating, and enforcing contracts.
Double Coincidence of Wants
A condition for trade in a barter system where two parties each desire what the other has to offer.
Specialization of Labor
The process by which individuals or entities focus on a specific area of expertise, improving efficiency and production quality.
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