Basic concepts What is a payment system? A system for transferring value between persons so as to complete exchange transactions. Barter Grain Corn Owner.

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Presentation transcript:

Basic concepts What is a payment system? A system for transferring value between persons so as to complete exchange transactions. Barter Grain Corn Owner Grain Owner Corn

What if Grain Owner doesn’t want Corn? Basic concepts What is a payment system? A system for transferring value between persons so as to complete exchange transactions. What if Grain Owner doesn’t want Corn? Grain Corn Owner Grain Owner Money

What if they can’t meet to exchange money? Basic concepts What is a payment system? A system for transferring value between persons so as to complete exchange transactions. What if they can’t meet to exchange money? Grain Corn Owner Grain Owner Money

Basic concepts

What is Money?

What is Money? A medium of exchanging value A store of value to be used later

What is Money? A medium of exchanging value §1-201(24) adds “authorized or approved by a government.” A store of value to be used later

What is Money? Aristotle’s Ethics Shoe maker and house builder want to exchange. They want an equal exchange. How many shoes equal a house? Money serves as a measure.

What is Money?

What is Money? Watch Video

What is a Dollar? Legal Tender: It must be accepted as discharge of all public and private debts $1 represents the right to . . .

What is a Dollar? Legal Tender: It must be accepted as discharge of all public and private debts $1 represents the right to . . . Another $1

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