Quiz - Unit 2

Any place where buyers and sellers meet to exchange goods and service.

• Value

• Market

• Trade

• Cost and Benefit

For a barter system to function both people have to want what the other has.

• Surplus

• The Barter System

• Exchange Rate

• Double Coincidence of Want

A method of exchange that uses goods instead of money.

• Surplus

• The Barter System

• Exchange Rate

• Double Coincidence of Want

Having more than what is needed or will be used.

• Surplus

• The Barter System

• Exchange Rate

• Double Coincidence of Want

The value of one good in a trade as compared to another good.

• Surplus

• The Barter System

• Exchange Rate

• Double Coincidence of Want

It must be able to withstand time and environmental changes.

• Divisible

• Portable

• Durable

• Recognizable

• Scarce

The action of exchanging goods and services in a market.

• Value

• Market

• Trade

• Cost and Benefit

It must be hard to find.

• Divisible

• Portable

• Durable

• Recognizable

• Scarce

It must be able to be broken into smaller units.

• Divisible

• Portable

• Durable

• Recognizable

• Scarce

Monetary or non-monetary loss received because of an action taken or a decision made.

• Benefit

• Cost

• Analysis

• Medium of Exchange