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Money, Banking & Finance Section 1: Money
What is Money? You probably think of money as the coins and bills in your wallet or the paycheck you receive from work.
Three Uses of Money A medium of exchange A unit of account A store of value
Money as a Medium of Exchange Anything that is used to determine value during the exchange of goods and services.
Money as a Unit of Account Means for comparing values of goods and services.
Money as a Store of Value Something that keeps its value if it is stored rather than used.
Currency The coins and paper bills used as money.
Six Characteristics of Money Durability Portability Divisibility Uniformity Limited Supply Acceptability
Durability Objects used as money must be able to withstand the physical wear and tear that comes along with being used over and over again.
Portability People need to be able to take money with them as they go about their daily business.
Divisibility Must be easily divided into small denominations.
Uniformity Any two units of money must be the same in terms of what they will buy.
Limited Supply The supply of money in circulation must be controlled.
Acceptability Everyone in the economy must be able to trade the money for goods and services.
Sources of Moneys Value Commodity Money Representative Money Fiat Money
Commodity Money Objects that have value themselves and that are also used as money.
Representative Money Objects that have value because the holder can exchange them for something else of value.
Fiat Money Money that has value because the government has decreed that it is legal tender.
Money Dollar, Dollar Bills…Ya’all!. Focus Questions What is Money? What Can Be Used As Money? What characteristics are necessary for something to be good.
Do Now What do the following terms have to do with money? Goods
Anything that serves as a medium of exchange, a unit of account, and a store of value What is Money?Money.
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Chapter 10: Money and Banking Section 1
Chapter 10SectionMain Menu Money is anything that serves as a medium of exchange, a unit of account, and a store of value. What Is Money?
What is Money? Economies have evolved into the use of money because Money reduces transaction costs and time. The “double coincidence of wants” is too.
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Money can be anything that has these three things… › A Medium of exchange – must determine value during an exchange Without money we must barter=trade.
Chapter 10 – Money and Banking
Its all about the Benjamins! But…..why?. Money! Why do we care? Ever look at a dollar bill? Ever look at a dollar bill? What makes it so special? What.
Chapter 10 Section 1.
Chapter 10 Money and Banking.
Money What are the 3 functions of money and which is the most important?
Money. What is Money? Problems: In the barter system, before trade could occur, each individual had to have something the other wanted. Some goods cannot.
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