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ec-5 - Intro to Money and Banking Part IV I Households and...

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Intro to Money and Banking, Part IV I. Households and firms usually are grouped together because they are private a. Meaning that they are interested in their own benefit b. Each household or firm, when it makes its decisions, it is mostly worried about themselves II. Capitalism a. An economic system in which the property rights over most goods and services are held by private agents (households and firms) III. Socialism a. An economic system in which the property rights over most goods and services are held by public agents (government agencies) IV.We focus on capitalism a. Voluntary exchange i. If people own things, they will not give them up, without compensation (exchanges) ii. If the government can force exchanges (and/or terms) then it is really the owners V. Organization of exchange a. Direct exchange vs. barter (goods for goods exchange) i. A direct exchange must involve barter, but barter can be part of an indirect exchange 1. You could use barter for indirect exchange… ii. Barter exchange 1.
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