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25 Cards in this Set
- Front
- Back
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What is barter? |
Exchange for other goods and services without using money |
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What is bills of exchange? |
A written order to a person requiring them to make a specific payment to the signatory |
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What is Electric transfer? |
Move from savings to checking |
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What is tele-banking and e-commerce ? |
Enables customers to perform over the telephone a range of financial transactions |
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What is Cheques ? |
Is a document that orders a bank to pay a specific amount of money from the drawers account |
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What is Money order ? |
Is the amount of money written on paper that you can send or give to someone who can then exchange it for the same amount of money |
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What is a debit card ? |
A small plastic card that can be used as a method of payment |
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What is a credit card ? |
The money being taken from you at a later time |
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What is bank draft ? |
An instruction to your bank for them to allow someone else to take money from your bank |
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What is bank transfer? |
Sending of money from one bank to another |
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What is telegraphic money order? |
Sending money to someone in urgent need of cash |
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What is mobile money ? |
Transfer funds between banks or accounts |
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What is a want ? |
A desire for something |
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What is a want ? |
A desire for something |
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What is a need ? |
A thing that is wanted or required |
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How did the early ancestors satisfy there basic needs |
They satisfy there basic needs through nature |
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This type of living is know as the ... |
Direct satisfaction |
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Eventually a system arose what is the system |
Where goods and services where exchange for other goods and services this system was called barter |
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Disadvantages of barter |
Lack of specialization Lack of a common measure of value Indivisibility of certain goods Difficulty in storage values |
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How did humans try to satisfy there needs |
Humans try to satisfy there needs the problem however Is resources are limited so humans have to make the choose among there wants and needs |
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What bartering and the development of money solved |
They solved many of problems associated with barter |
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What did the Chinese introduced |
They introduced carpel currency paper money is not valuable since the paper only represents wealth |
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Features of money |
Money is any commodity which is expected as a measure of value |
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Commodity must have the following : |
Expectable = willing to except that commodity as money Relivately = must be available in small quantities so that the value is mentioned Divisible = capable of being divided into smaller parts Homogeneous = must be identical in look, style and weight Durable = must be sturdy and long lasting Portable = one must be able to carry it around easily |
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Function of money |
Medium of exchange = must be willing to accept it in exchange for good and services Store of value = money can be saved and used in the future Standard of value = goods and services is measured in money Differed payment = money is used to pay for goods on credit Facilitator of price mechanism = the price one is willing to pay to satisfy effective demand |
