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HOMOGENEOUS PRODUCT: Goods that are either physically identical or at least viewed as identical by buyers. In particular, the producer of a product can not be identified from the product itself. This is a key assumption underlying the perfect competition market structure, and like other assumptions is only approximated in the real world. Agricultural products, metals, and energy goods come as close as any in the real world.
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EXCHANGE The process of trading one valuable commodity (good, service, or resource) for another. An exchange can be voluntary, such as what transpires through a market, or involuntary, such as when taxes are imposed by government.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either a replacement battery for your pocket calculator or a how-to book on home remodeling. Be on the lookout for a thesaurus filled with typos.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. " -- Thomas Paine, statesman
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SEHK
Stock Exchange of Hong Kong
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