Presentation on theme: "Money, Banking, the Fed & Taxes Chaps. 13, 14, and 15."— Presentation transcript:
Money, Banking, the Fed & Taxes Chaps. 13, 14, and 15
Functions of Money Visual Money is What Money Does Medium of Exchange Measure of Value Store of Value
Functions of Money Money is What Money Does Medium of Exchange – easily, recognizable Measure of Value – How we measure value of everything in our society Store of value – has to hold value from time it is received to time it is spent
Early Money First, there was barter Next came commodity money like cattle, tobacco, salt or something representing them. Next came non-precious metals
History of Money Money based on precious metals like gold and silver were next Eventually, paper money evolved
History of Money Finally, credit cards and electronic forms of payment are developed
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