The Practice of Trading Goods and Services Without the Use

question 69

Multiple Choice

The practice of trading goods and services without the use of money is called:

• A)bartering.
• B)consignment.
• C)noncash incentive.
• D)reconciling.

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Definitions:

Socialist Economies

Economic systems in which the means of production, distribution, and exchange are owned or regulated by the community as a whole, typically through the government.

Supply and Demand

A fundamental economic model explaining how the price and quantity of goods sold are determined in a market.

Wage Rate

Wage rate is the amount of money paid to workers for their labor, per unit of time, reflecting compensation for employment.

Interest Rate

The percentage charged on a loan or paid on savings over a period, typically expressed as an annual percentage of the principal.