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Definition
| An environment where agents interact in order to exchange goods and services |
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Definition
| Standardized currency which allow the terms of exchange for a variety of goods to be expressed with respect to a common scale of value |
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Definition
| Exchange of goods for money |
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Definition
| Quantity of money for which a good with a standardized description can be exchanged |
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Definition
| Prices that are determined through the communications of agents offering to buy and sell goods to each other |
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Definition
| Price of goods that are exchanged in quantity; ratio at which goods can be effectively exchanged for each other |
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