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10 Cards in this Set
- Front
- Back
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Money |
anything that serves as a medium of exchange, a unit of account, and a store value. |
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Barter |
the direct exchange of one set of goods or services for another |
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Medium of Exchange |
anything that is used to determine value during the exchange of goods and services |
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Unit of Account |
a means for comparing the values of goods and services |
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Store of value |
something that keeps its value if it is stored rather than spent |
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currency |
coins and paper bills used as money |
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Commodity Money |
objects that have value in and of themselves and that are also used as money. |
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Representative Money |
objects that have value because the holder can exchange them for something else of value. |
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Specie |
coined money, usually silver or gold, used to back paper money. |
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flat money |
objects that have value because a government has decreed that they are an acceptable means to pay debts. |
