A medium of exchange is a transitional instrument used to settle the trade of products and services among market participants. It is a system| Corporate Finance Institute
Inelastic demand is when the buyer’s demand does not change as much as the price changes. When price increases by 20% and demand decreases by| Corporate Finance Institute
A licensing agreement is a contract between two parties (the licensor and licensee) in which the licensor grants the licensee the right to use the brand| Corporate Finance Institute
Market economy is defined as a system where the production of goods and services are set according to the changing desires and abilities of| Corporate Finance Institute