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Nature of Barter

the exchange of goods and services without the use of money

TermDefinition
Barter the exchange of goods and services without the use of money
Disadvantages of barter 1. double coincidence of want 2. Indivisibility of commodity 3. Storage of goods 4. Rate of exchange
Double coincidence Someone has what you wan but doesn't want what you have
Indivisibility of commodity quantity in the product exchanged
Advantages of Barter 1. People can have access to goods they dont have 2. Surplus production can be traded 3. There is no need for money 4. People can specialize in producing 1 or small number of goods
Subsistence Economy Producing enough for you and your family
Characteristics pf money Durability Portability divisibility and uniformity
money is a medium of exchange for goods and services> It was invented to better the trading System.
Economic System in which people produce just enough for their own communal needs with no surplus for export
Advantages of Economic Systems 1. Strong sense tradition and community 2. In balance with environment
Disadvantages of Economic Systems 1. Few choices for individuals 2. Limited range of goods
Business Organization a single individual or a group of persons who have pooled their resources in order to make a profit
Private Sector is the part of the economy that is operated by individuals and companies for profits and is not controlled by the government
Characteristics of a Private Sector 1. to make a profit 2. to cater to the needs and wants of individuals 3. No participation of the government
Advantages of Private Sector 1. Large salaries 2. More opportunities for advancement 3. Better benefits in the form of insurance 4. more freedom
Disadvantages of Private Sector 1. Stressful environment 2. Fear of job cuts 3. Cut-throat competition 4. Instability
Private sector fundings 1. Loans from banks 2. the selling of shares to the public 3. Personal savings 4. borrowing money
Public Sector is a mixed economy including all organizations owned and controlled by the government
Characteristics of Public Sector
Created by: Pikachu59
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