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Exchange economy. Exchange economy is technical term used in microeconomics research to describe interaction between several agents. In the market, the agent is the subject of exchange and the good is the object of exchange. Each agent brings his/her own endowment, and they can exchange products among them based on a price system.
In political economy and especially Marxian economics, exchange value (German: Tauschwert) refers to one of the four major attributes of a commodity, i.e., an item or service produced for, and sold on the market, the other three attributes being use value, economic value, and price. [1] Thus, a commodity has the following:
Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions. [citation needed] Voluntary exchange is a fundamental assumption in classical economics and neoclassical economics which forms the basis of contemporary mainstream economics. [1] That is, when neoclassical economists theorize about the ...
The impossible trinity (also known as the impossible trilemma, the monetary trilemma or the Unholy Trinity) is a concept in international economics and international political economy which states that it is impossible to have all three of the following at the same time: a fixed foreign exchange rate. free capital movement (absence of capital ...
Trade policy, which refers to tariffs, trade agreements and the international institutions that govern them. Policies designed to create economic growth. Policies related to development economics. Policies dealing with the redistribution of income, property and/or wealth. As well as: regulatory policy, anti-trust policy, industrial policy and ...
In monetary economics, the equation of exchange is the relation: where, for a given period, M {\displaystyle M\,} is the total money supply in circulation on average in an economy. V {\displaystyle V\,} is the velocity of money, that is the average frequency with which a unit of money is spent. P {\displaystyle P\,} is the price level.
In macroeconomics and economic policy, a floating exchange rate (also known as a fluctuating or flexible exchange rate) is a type of exchange rate regime in which a currency 's value is allowed to fluctuate in response to foreign exchange market events. [1] A currency that uses a floating exchange rate is known as a floating currency, in ...
In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. [1] In modern economies, the most commonly used medium of exchange is currency. Most forms of money are categorised as mediums of exchange, including commodity money, representative money, cryptocurrency, and most commonly fiat money.