Tag: basic economic ideas

double coincidence of wants

The double coincidence of wants refers to a situation in a barter economy where both trading parties simultaneously

Barter refers to the direct exchange of goods or services between parties without the use of money as

Free goods are goods that are not scarce and have zero opportunity cost because their availability is abundant

Public goods are goods or services that are both non-excludable and non-rivalrous. Because individuals cannot be prevented from

A market economy is an economic system in which decisions about production and consumption are driven by the

A mixed economy is an economic system that combines elements of both market and planned economies. In this

A PPC shows an economy’s maximum output of two goods when using all of its resources.

Demerit goods are products or services that are considered to be harmful or less beneficial to consumers than

In a planned economy (command economy), the government owns and controls most or all productive resources. Economic decisions,

Merit goods are goods and services that are considered beneficial for individuals and society, often more than consumers