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Microeconomics Theme 1 > 1.1.5 Glossary The Function Of Money/ Specialisation/ Division Of Labour > Flashcards

1.1.5 Glossary The Function Of Money/ Specialisation/ Division Of Labour Flashcards

1
Q

Money

A

Anything accepted as a medium of exchange (physical or digital)

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2
Q

Bitcoin

A

Virtual currency not issued or regulated by a specific country and doesn’t involve a bank

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3
Q

Specialisation

A

Concentrating on a specific product or task

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4
Q

Agglomeration

A

Firms cluster together to benefit from cost reductions and gains in efficiency

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Microeconomics Theme 1 (8 decks)

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