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What is it called when you have money to buy goods or services?
If you have money to buy goods and services you are said to be 'solvent'. When you have no money to by goods and services you are said to be 'insolvent'.
When money is not used and goods and services are exchanged for other goods and services this system is called?
It's called TRADE BY BARTER.
What is the money earned by selling goods or services called?
Revenue
What is a system of allocating scarce goods and services using criteria other than price called?
A barter system, where people trade their goods and services for other goods or services as opposed to trading goods and services for money.
What is the transaction called when money is given in exchange for goods or services?
A purchase.
What is it called when you have money to buy goods or services?
If you have money to buy goods and services you are said to be 'solvent'. When you have no money to by goods and services you are said to be 'insolvent'.
What is the 2 definitions of money?
1. Money is what money does. 2. Accepted for the payment of Goods and services.
When money is not used and goods and services are exchanged for other goods and services this system is called?
It's called TRADE BY BARTER.
Is any medium of exchange that is widely accepted in payment for goods and services and in settlement of debts?
it's money
What is the money earned by selling goods or services called?
Revenue
What is a person who lends money or the use of goods and services for payment at a later date?
A person who lends money is called a money lender or a Creditor. A person who lends the use of goods and services is called a Renter or a Seller.
How would you define money?
Money is any medium that is universally accepted in an economy by sellers of goods and services as payment and by creditors as payment for debts.
What is a system of allocating scarce goods and services using criteria other than price called?
A barter system, where people trade their goods and services for other goods or services as opposed to trading goods and services for money.
What is the transaction called when money is given in exchange for goods or services?
A purchase.
What is a physical object that can be exchanged?
Goods are physical objects that can be exchanged.
The function of money that enables prices of goods and services to be quoted is called?
Unit of Account
Trading without the use of money is called?
* Exchange * Exchange * Exchange * Exchange * Exchange
