Hawaiian Economics: Barter for Fish & Poi
Glossary terms from:
Trading a good or service directly for another good or service, without using money or credit.
People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.
An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.
Division of Labor
An arrangement in which workers perform only one step or a few steps in a larger production process (as when working on an assembly line).
Trading a good or service for another good or service, or for money.
Tangible objects that satisfy economic wants.
A situation in which decisions made by one person affect decisions made by other people, or events in one part of the world or sector of the economy affect other parts of the world or other sectors of the economy.
A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.
The quantity and quality of human effort available to produce goods and services.
"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as natural resources.
Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.
"Gifts of nature" that can be used to produce goods and services; for example, oceans, air, mineral deposits, virgin forests and actual fields of land. When investments are made to improve fields of land or other natural resources, those resources become, in part, capital resources. Also known as land.
People and firms that use resources to make goods and services.
The amount of output (goods and services) produced per unit of input (productive resources) used.
The basic kinds of resources used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.
To keep money for future use; to divert money from current spending to a savings account or another form of investment.
Activities performed by people, firms or government agencies to satisfy economic wants.
A situation in which people produce a narrower range of goods and services than they consume. Specialization increases productivity; it also requires trade and increases interdependence.
The exchange of goods and services for money or other goods and services.
Desires that can be satisfied by consuming or using a good or service. Economists do not differentiate between wants and needs.
Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.