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BARTER EXCHANGE: A method of trading goods, commodities, or services, directly for one another without the use of money. In a barter exchange one good is traded directly for another. This sort of exchange ultimately requires a double coincidence of wants, meaning that each trader has what the other trader wants and wants what the other has. Without a double coincidence of wants the exchange process can become exceedingly complex, requiring a great deal of resources to complete transactions, resources that can not be used for production. In fact, inefficient barter trading was the primary reason that money was invented. With money, more resources can be used for production and fewer are needed for trading. See market.
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FALLACY OF COMPOSITION The logical fallacy of arguing that what is true for the parts is also true for the whole. In the study of economics, this takes the form of assuming that what works for parts of the economy, such as households or businesses, also works for the aggregate, or macroeconomy. The contrasting fallacy is the fallacy of division.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a large red and white striped beach towel or a bottle of blackcherry flavored spring water. Be on the lookout for infected paper cuts.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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"A people that values its privileges above its principles soon loses both. " -- Dwight Eisenhower, 34th US president
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EU
European Union
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