Barter: exchange of one economic value for another.
Consumption: decrease in economic value.
Credit: exchange of present economic value for a promise
of future economic value.
Money: generally accepted or legally enforced medium
of exchange.
Commodity money: substance established as the
standard of value used in barter exchange or legally enforced in
settlement of debts.
Credit money: evidence of claim on economic value
generally accepted in exchange or legally enforced in
settlement of debts.
Monopoly: control of price or conditions of use.
Relevant monopoly: monopoly that significantly
affects the opportunities of others.
Irrelevant monopoly: monopoly that does not
significantly affect the opportunities of others.
Price: quantitative estimate of economic value expressed
in standard of value units.
Production: increase in economic value.
Standard of value: the unit of measure for economic value.
Value: degree of preference or desire.
Non-economic value: value that may affect economic
value but is not itself subject to economic analysis such as: moral
value expressing judgment of human behavior or use value arising
from satisfaction of needs or desires.
Economic value: monopolized use value.
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