9
Lesson 9 of 84 · Economics
Trade and Barter
Trade is exchanging goods and services. No person, community, or country can produce everything they need, so trade allows everyone to benefit from specialization.
Key Facts
1
Money is a medium of exchange.
2
Needs are different from wants.
3
Supply and demand affect prices.
Check Your Understanding
Question 1
1 of 2What is trade?