The economy is the system by which people interact and trade goods and services with each other. The economy of early societies was based on barter. In a barter system, a farmer might trade his cow’s milk to the baker for a loaf of bread. Today, our economy uses money to make trade easier. So, a farmer can sell his cow’s milk for money, and use that money to buy bread from the baker.
Related Articles:
- The Conversation: Succession Is on the Minds of Family Businesses Everywhere
- Entrepreneurship in North Korea? Bringing Business Concepts to a Communist NationNo Facebook or Twitter? No access to the Internet? If it sounds too radical to believe, then consider this: It is the reality in North Korea. What’s more, young professionals in North Korea, which is under restrictive communist rule, know very little about basic business concepts like entrepreneurship and private equity. Geoffrey See, founder of Choson Exchange, is helping to bring business knowledge to the country, where young people are excited by new ideas and the potential for change.
- Mazes and Monsanto: Growing Prospects in the Ag BusinessAre you an “aggie?” Careers in agriculture are not all cows and plows these days. In fact, the ag business, a hot spot for employment in an otherwise challenging economy, involves everything from entrepreneurship, marketing and merchandising to animal science, software development and genomics. What’s your ag career choice?
- Behind the Wheel of Tesla’s Model S and Elon Musk’s Endless InnovationWhile President Barack Obama is talking about the salvation of the auto industry this week, other car enthusiasts have their eyes on innovators like Elon Musk, CEO and founder of Tesla Motors. This summer, Alexander Mason, 17, visited the electric car company’s headquarters in Palo Alto, Calif., and came away with key insights about entrepreneurial spirit and leadership.
- The Low-carbon Economy Is a High Global Priority