What is a competitive advantage in e-commerce? What trade barriers did US face in place during 1990-2000? What are the three main ways a government can restrict trade? What impact do trade restrictions have on the economy? What is the liberalization of foreign trade?
What is the difference between Trade-off and Balance? What is protectionism? Give an example. Explain what is meant by trade-off. What is the law of comparative advantage and why is it important in international trade? What is the law of comparative advantage, and why is it important to ...
Using gold as an example, what is the difference between commodity money and commodity-backed money? What is "scarcity of currency?" Define money and the money supply. What would a world without money be like? As in, everything is done based on the barter system of exchange all across th...
Bartering involves double coincidence of needs and mutual valuation of the same. For example, a shepherd can trade his wool to a farmer in exchange for some wheat. However, the quantity or volume of the same requires both the parties to negotiate and come to a conclusion. This negotiation d...
What is the impact of a lower exchange rate on trade? What is the impact of lower exchange rate on trade? What is nominal exchange rate? What determines the exchange-rate value of the dollar relative to other currencies? What is...
Fourth, when traditional economies do trade, they rely on bartering. It can only occur between groups that don't compete.1For example, a tribe that relies on hunting exchanges food with a group that relies on fishing. Because they just trade meat for fish, there is no need for currency....
In the beginning there was barter system and then came the money. Money is a term that could be used to explain any object from the past to the present, the value of which is what the humans who use the money bestow upon it. Money is simply any material that carries a mutually agreed...
The monetary economy is the part of the trade system where money is given in exchange for goods and services. The elements of...
Local Exchange Trading Systems are a type of bartering system in local communities. The LETS movement reached its height in the 1990s. The movement is based on five key governing principals: cost of service, consent, disclosure, equivalence to the regional currency, and interest-free credit. ...
Before the development of amedium of exchange—that is, money—people would barter to obtain the goods and services they needed. Two individuals, each possessing some goods the other wanted, would enter into an agreement to trade. Early forms of bartering, however, do not provide the transfera...