Who’s On The Bills?.

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Presentation transcript:

Who’s On The Bills?

THE QUESTION OF THE PENNY

Let’s Take A Closer Look….

Life Expectancy (Years) Denomination of Bill Life Expectancy (Years) $1 5.9 $5 4.9 $10 4.2 $20 7.7 $50 3.7 $100 15

Why do we use currency?

Why don’t we use gold and silver as currency?

6 Characteristics of Money: Durability-survives wear & tear Portability-easy to carry around Divisibility-can easily make change Uniformity-two units have same value Limited supply-just amount in circulation Acceptability-taken as legal tender by all

Medium of Exchange Unit of Account Store of Value 3 Functions of Money: Medium of Exchange Unit of Account Store of Value

Medium of Exchange: A commodity accepted by common consent as: 1. payment for goods & services 2. settlement of debts & contracts. Efficient alternative to bartering Barter- direct exchange of goods & services w/out the use of money.

Unit of Account: Common denominator of value of goods & services in which prices are stated & accounts are recorded. U.S. dollar often used as unit of measurement in international transactions.

a means of conserving purchasing power for a future time. Store of Value: a means of conserving purchasing power for a future time.