Answer the following questions 1) What is money? Money is anything „what you buy things with.“ 2) What role does the money play in market exchanges? Money is a medium of exchange, in terms of which the value of all goods and services is exdivssed. Money allows for complex exchanges to take place more easily than using barter. 3) What is price? The amount of money for which a/one unit of goods or services is exchanged is called price. 4) How is the price established in the market? The price is the result of compromise between expectaions of a buyer and a seller. 5) What is profit and how is it related to price? The difference between the price at which you sell a good and the price at which you bought it in a trade transaction is normally referred to as profit.

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