The demand for a particular good or service will determine its value.
It is an economy where people use currency rather than barter to buy and sell goods.
No. Barter System was one of the ancient ways of exchange of goods and services. Nowadays cash and currency has replaced the barter system. People usually pay for goods and services in money.
a economy where people decide what to make and who to sell it to.
In a market economy, it is the producer, typically influenced by the demands of the consumer, who makes decisions about what to produce. This is in contrast to a command economy where the government makes those decisions.
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an economy which the price of goods is based on what people can afford .
It is an economy where people use currency rather than barter to buy and sell goods.
Barter is a trading system where people trade goods or services that they think are around the same value.
No. Barter System was one of the ancient ways of exchange of goods and services. Nowadays cash and currency has replaced the barter system. People usually pay for goods and services in money.
a economy where people decide what to make and who to sell it to.
In a market economy, it is the producer, typically influenced by the demands of the consumer, who makes decisions about what to produce. This is in contrast to a command economy where the government makes those decisions.
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No. A barter economy is less efficient than the current system. A barter system relies on individuals having a double coincidence of wants where each person wants the exact opposite thing that someone else is willing to sell at that particular time. So, people who needed certain things that weren't on the market were out of luck. Also, the barter economy has a flaw in the indivisibility of products. This means certain large expensive items such as tractors were not able to be divided equally to make necessary exchanges for smaller ticket items. The present money economy makes trade more efficient.
In barter, two people willingly exchange goods or services - no cash involved. As in I'll wash your car if you'll go to the store for me. Or, I'll trade my lawn mower for baby sitting from you.
A barter system, where people trade their goods and services for other goods or services as opposed to trading goods and services for money.
Free/market economy
service economy