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