# 27.1 Defining money by its functions  (Page 10/19)

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barter

literally, trading one good or service for another, without using money

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what is demand
what is market mechanism
how do you find the marginal line given the input and output?
population density
what is monopoly
Thompson
what is elasticity of demand?
Elasticity is a central concept in economic , and is applied in many situations. Elasticity can provide important information about the strength or weakness of such relationship. Elasticity refers to the responsiveness of one economic variable such as quantity demanded, to change in another variable
Lena
such as price. #Price elasticity of demand:which measure the responsiveness of the quantity demanded to a change in price. #cross elasticity of demand:which measure the responsiveness of quantity demanded of one good to a change in the price of another good.
Lena
what are variables
marginal cost
division of labour
explain Qd=601/3p
what is unemployment
what is the formula for average revenues
please 7 implications of Lionel Robbins definition of economics
Problem of economics to the society
Within 1 or 2 percentage points, what has the U.S. inflation rate been during the last 20 years? Draw a graph to show the data.
law of demand is explaining why the demand curve is downward sloping
the graph would be x axis is quantity and y axis is price, as the price is expensive, there would be less demand therefore less quantity anf vice versa, thats why demand curve is downward sloping
Tan
and*
Tan