| A | B |
|---|
| double-inequality of valuation | exchanges can take place |
| market clearing | advantages from trade are exhausted for a while |
| barter | goods and services for goods and services |
| exchange good | a durable good that acts as money |
| tragedy of the commons | no one care if they cannot own it |
| gift giving | Both expect to gain therefore it is economics |
| inflation | when government increases the money supply. Gov't spends in before devaluation |
| hyperinflation | money supply goes up fast people stop using money |
| Most charitable people are | religious people who go to church |
| creative destruction | old structures must die as news ones can emerge |
| private property | the exclusive use of land, a good, or a resource |
| People make choices in | rank order not in cardinal numbers or money values |
| The best money | gold and silver coins |
| Cowry shells are not money | SCUBA equipment |
| The value of a good is the amount of labor dissipated into it | the incorrect labor theory of value |
| Value is intrinsic | values are subjective so they cannot be intrinsic |
| value from rarity | many rare things are not valued |
| marginal utility | we do not value all of a good just the next useful unit |
| Our class water experiment showed | even in the most basic thing to life we value the units differently |
| equality of valuation | exchange cannot take place |
