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25 Cards in this Set
- Front
- Back
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Acceptable |
One key feature of money - to be widely accepted |
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Barter |
To exchange goods and services for other goods and services without using money |
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Current account |
Bank or building society accounts that people can store their money as electronic balances and withdraw it to make payments |
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Denomination |
A group of coins or notes that share the same face value |
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Divisible |
A key feature of money - to be easily divided into smaller amounts of different values |
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Double coincidence of wants |
A situation in which two people have goods or services to trade and each wants what the other person can provide |
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Durable |
A key feature of money - to be strong enough to be reused in many transactions |
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Face value |
The value marked on a coin on note eg. 1p |
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Fiduciary value |
Value based on trust in the bank system |
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Homogenous |
A key feature of money - to look or feel the same as other coins and notes of the same denomination |
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Inflation |
A rise in prices which means the purchasing power of money falls |
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Intrinsic value |
The value that an item has in itself eg. Rice and metal |
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Legal tender |
Coins or bank notes that must be accepted if offered in payment of a debt |
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Means of exchange |
A function of money - to allow people to make payments |
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Money |
Anything widely accepted as a means of making payments |
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Payment mechanism |
A means of transferring money from one account to another eg. A debit card or cheque |
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Portable |
A key feature of money - to be small and light enough to carry around easily |
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Rate of exchange |
The quantity of good and services that money can buy |
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Rate of exchange |
How much one item is worth in terms of a different item eg. £1 to €1.5 |
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Recognisable |
A key feature of money - to be easily identified as genuine money |
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Representational value |
The value that an item represents rather than the value it has in itself eg. A banknote |
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Scarce but sufficient |
A key feature of money - to be available in sufficient quantities to meet peoples need but not in such quantities that the value of money falls |
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Store of value |
An attribute of money that allows people to store money now and spend it later |
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Transaction |
Buying or selling something |
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Unit of account |
A function of money - to allow people to compare prices and to measure the value of money in a bank account |
