Three Steps to Economic Freedom
Glossary of Economic Assumptions
- 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.
Comments or discussion of any of these articles or related material is invited.
jackodonnell1483@comcast.net
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