2.1 specification and trade Flashcards
(8 cards)
when does specialisation occur
when economic units such as individual firms, regions or countries concentrate on producing specific goods or services
what’s the division of labour
specialised use of workers within an organisation
whats a barter system
people trading goods and services directly without using money
money is more efficient than barter as it acts as
a medium of exchange
a store of value
a unit of account
a standard of deferred payment
whats a medium of exchange
an intermediary between two parties when trading
whats a store of value
when money can be kept for future use
what’s a unit of account
when it allows us to measure the value of goods
a standard of deferred payment
it allows us to pay for goods and services provided now and at a later date
