Money Market
Types of moneyCommodity money- ancient, goods with other purposes, not convinient.
Representative money- represent a certain quantity of a precious medal.
Fiat money- legal tender money that must be accepted for transations, backed by the government.
Functions of money
Money - medium of exchange
Store of value- Savings,
If it looses its value causes an insentive to spend
Wit of account- price implies something of worth
worth (quality)
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ReplyDeleteFor this section, make sure you add in the Characteristics of Money (Durability, Portability, Divisibility and the like) and Uses Money (M1, M2, M3).
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