Chapter 3 What Is Money?.

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Presentation transcript:

chapter 3 What Is Money?

Meaning and Function of Money Economist’s Meaning of Money 1. Anything that is generally accepted in payment for goods and services 2. Not the same as wealth or income Functions of Money 1. Medium of exchange 2. Unit of account 3. Store of value Evolution of Payments System 1. Precious metals like gold and silver 2. Paper currency 3. Checks 4. Electronic means of payment: Fedwire, CHIPS, SWIFT, ACH 5. Electronic money: Debit cards, Stored-value cards, Electronic cash and checks

Federal Reserve’s Monetary Aggregates

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