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DEFINITIONS

Monetary economy

Definition

A monetary economy is a society's economy where products and services are traded in exchange for money.


A monetary economy stands in contrast to an economy based on bartering (called barter economy) or to an economy where goods are not traded, i.e. where the goods are produced and consumed by the same households (closed household economy). These two types of economies are said to be non-monetary economies.

RELATED TERMS
Barter
Closed household economy
RELATED CATEGORIES
Economy



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