01
Front
What does exchange mean?
Back
Exchange is the movement of goods and services between people or groups.
Free Online Flashcard Deck
3 Forms of Exchange Free Online FlashCards
Study 3 Forms of Exchange with 12 free online flashcards. Review key terms, definitions, and concepts with this interactive flashcard deck.
12 cards
02
Front
What is barter?
Back
Barter is the direct exchange of goods or services without using money.
03
Front
What makes an exchange money-mediated?
Back
Money-mediated exchange uses money as payment between a buyer and a seller.
04
Front
What is market exchange?
Back
Market exchange is the buying and selling of goods or services, commonly at prices shaped by supply and demand.
05
Front
What is an example of barter?
Back
A baker trades bread directly for vegetables, with no money involved.
06
Front
What must barter participants agree on?
Back
Barter participants must agree on what they exchange and whether the trade is fair.
07
Front
Is barter limited to societies without markets?
Back
Barter can take place in many settings; it is not limited to societies without markets.
08
Front
How does money change a direct trade into separate transactions?
Back
Money separates a trade into distinct transactions: a seller receives money, which the buyer can then use to purchase something else.
09
Front
How does money help people compare goods?
Back
Money provides a common way to express and compare prices.
10
Front
Name two forms money can take in an exchange.
Back
Money can take forms such as cash and electronic payments.
11
Front
What does a market do?
Back
A market is an institution or setting that connects buyers and sellers.
12
Front
What forms can a market setting take?
Back
A market can be a physical place, an online platform, or another arrangement.
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