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An Indian merchant meets with a Roman trader and gives him jewels and spices. In exchange for those items, the Roman gives him the same amount in olive oil and figs. What is this situation an example of?
supply and demand, because the Indian merchant is supplying what the Roman trader is demanding
barter, because the Indian merchant and Roman trader are using goods rather than using money in the transaction
supply and demand, because the Indian merchant's spices and jewels are more rare than the Roman's olive oil and figs
barter, because the Indian merchant and Roman trader are making a decision to select certain goods
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Can you please explain?
well, back in the day, there were coins and goods that you could trade for other goods or coins
knowing that... i read the choices and was thinking about that fact i saw "Supply and demand" well, supply and demand (i think) is whenever someone has the supply and the more demand on a certain supply makes the value go up, but if there is more supply than demand, then the price goes down
But in this lesson they didn't have coins to trade with or make a currency. They used, as it says in the question, items with worth like jewels and spices.
well in that case... the goods used in this question can be valued on rarity or on how much work is needed to get that certain item
Sooo...... it would be B???
lol, i guess so huh?
XD thanks for the help
It was B, lol, because they weren't using currency.