What is economic system?

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An economic system is a system of production and exchange of goods and services as well as allocation of resources in a society.

jeifunk|Points 2230|

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Asked 4/25/2012 4:54:28 AM

Updated 2/28/2015 11:31:26 PM

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Edited by yumdrea [2/28/2015 11:31:20 PM], Confirmed by yumdrea [2/28/2015 11:31:26 PM]

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What is money?

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yumdrea

Money is a good that acts as a medium of exchange in transactions.

Added 4/23/2015 4:34:50 PM

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Precautionary motives

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Updated 4/23/2015 4:40:33 PM

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yumdrea

Precautionary motive is a desire to hold cash in order to be able to deal effectively with unexpected events that require cash outlay.

Added 4/23/2015 4:40:31 PM

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Elasticity of demand.

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Updated 1/31/2015 10:40:24 PM

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