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10 Cards in this Set
- Front
- Back
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What is money |
Anything value that serves as a medium of exchange |
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Name the forms of money |
1) commodity money 2) fiat money 3) representative money |
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What is commodity money |
A form if currency where the value of currency comes from the material its made |
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What is fiat money |
Its a currency established as money by the government or law |
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What are the characteristic of money |
1) durability 2) portability 3)uniformity 4) divisibility 5)limited suppy 6) acceptability |
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What are the functions of money |
1) store of value 2) unit of account 3) medium exchange |
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What is store value |
Money's value can be retained over time |
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What is unit of account |
Money is the common standard for measuring the worth of a good or service |
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What is the medium of exchange |
Money can be used for buying and selling goods or services |
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What is barter trade |
Its a system of exchange where goods or service are directly exchanged gor other goods or service |
