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BARTER ECONOMY: An economy that trades goods and services using barter exchanges rather than money. Barter economies originally predated the invention of money, emerging out the early stage of self-sufficiency before giving way to the use of commodity money. However, barter economies occasionally surface in modern times, especially when the public loses confidence in the monetary unit during a government crises or a period of hyperinflation.
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MARGINAL UTILITY-PRICE RATIO The ratio of the marginal utility obtained from consuming a good to the price of the good. This ratio is particularly important in determining consumer equilibrium, which is reached when the marginal utility-price ratios are the same for all goods. Equality between all marginal utility-price ratios is the rule of consumer equilibrium which is satisfied with utility maximization.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time driving to a factory outlet trying to buy either a stretchable, flexible watch band or high-gloss photo paper that works with your printer. Be on the lookout for fairy dust that tastes like salt.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"How we spend our days is, of course, how we spend our lives. " -- Annie Dillard, essayist
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IRT
International Trade Commission
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