Barter Exchange of goods and services for other goods and services. Eg. Bread for a haircut
What is Money? Anything which is accepted in exchange for goods & services.
Qualities of Money 1.Scarce in supply – be in short supply 2.Non-perishable/durable – last a long time 3.Portable – easy to carry 4.Divisible – can be broken into small parts
Forms of Money Currency/Legal Tender: Notes and coins Bank current accounts: Put money into bank account and make payments by cheque, laser, CT. Plastic money: Credit cards, charge cards, store cards, laser and ATM cards.