The existence of money makes trade easier. How is it that money can also increase the standard of living?
The existence of money means the economy does not have to rely on barter for trade. This allows people to specialize in production, increasing productivity, leading to an increase in the amount of goods and services people can purchase.
Economics
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Asymmetric information will lead to
a. higher prices for some used cars, lower prices for others. b. "lemon" prices for good used cars. c. new cars selling for prices lower than good used cars. d. old cars selling for more than new cars.
Economics
The best example of a standardized good would be:
A. corn. B. a handbag. C. an autographed baseball. D. breakfast cereal
Economics