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31 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is 💵💵 |
-any commodity which can be used as a medi▪ of excha▪ that is accepted for the purchase of goods and servi▪ |
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Money includes officially issued: |
-banknotes -coins -gold -bank acc▪ deposits |
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Banknotes and coins are collectively known as |
-legal tender |
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Name the 6 characteristics of money |
-durabili ---ty -uniformi -portabili -divisibili -acceptabili -scarci |
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Modern day banknotes are made from |
-polymer |
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In what year were polymer introduced |
1988 |
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Where was polymer introduced |
Australia |
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Why is polymer being more used than paper |
-it is more durable |
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Name 4 countries that use polymer |
-Bermuda -New Zealand -Romania -Vietnam |
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How many times can the US dollar be folded b4 it tears |
4 000 times |
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According to the Federal Reserve, the typical $50 and $100 bill lasts for how many years b4 it needs replacing? |
9 years |
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What is legal tender? |
-the official 💵 of a country |
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Name 1 universally accepted form of money |
-gold |
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The Zim▪ dollar ceased to exist in what year and why? |
2009 and bexoz▪ of hyperinflation |
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Why do cattle and livestock not make useful money? |
-they are not truly divisible |
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Name the oldest form of money |
-cattle |
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The 1st consistent form of money were |
-cowry shells |
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Where was the 1st consistent form of money used? |
China over 3 200 yrs ago |
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Why should money be limited in supply? |
-for it to keep its value |
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Give 4 examples of money which later lost its value due to being too available or other due tonother reasons |
-seashells
-salt -livestock -cloth |
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Give 2 examples of money which are acceptable due to their scarcity |
-silver -gold |
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Why is the money regulated by central banks |
-to make sure it retains its value overtime |
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Back in 2 000 BC coins were valued according to |
-their weight |
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The main disadv▪ of coins back in 2 000 BC was |
-the difficulties of portability which hindered their effectiveness as money |
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Money MUST always be |
-portable |
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The funcs▪ of 💵 |
-💵 acts as a medium of exchange -💵 is a measure and store of value -💵 is a standard of deferred payment
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4 |
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For something to be considered as 💵 it must |
-func▪ as a way to conduct trade |
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💵 is a unit of acc▪ , as it |
-measures the market value of diff▪ goods and services |
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Money is a store of value......elaborate |
-can be stored and used at a later date in the future |
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How is 💵 anle ro give firms and 🏠holds flexibility in the timing of their sales and purchases |
-becoz▪ it is able to hold its purchasing power overtime |
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Money is a standard for deferred payment....wht does this mean |
-💵 is used as a standard for future payments of debt |
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