Asked by Jakayla Richburg on Jul 21, 2024
Verified
Bill trades a ginger snap for a chocolate chip cookie.This is an example of:
A) barter.
B) specialization.
C) absolute advantage.
D) privatization.
E) the division of labor.
Barter
A method of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money.
Ginger Snap
A type of biscuit made with ginger and other spices, known for its crispy texture and spicy-sweet flavor.
Chocolate Chip Cookie
A popular baked dessert or snack made from dough that includes chocolate chips as a primary ingredient.
- Acquire knowledge on the foundational aspects of the barter system and discern its shortcomings when juxtaposed with monetary transactions.
Verified Answer
NA
Nathan AllenJul 25, 2024
Final Answer :
A
Explanation :
Barter is the exchange of goods or services without the use of money, which is exactly what is happening when Bill trades his ginger snap for a chocolate chip cookie.
Learning Objectives
- Acquire knowledge on the foundational aspects of the barter system and discern its shortcomings when juxtaposed with monetary transactions.