Functions Of Money
This function of money allows people to buy and sell goods without direct barter
What is a medium of exchange?
The direct exchange of goods and services.
What is barter?
Ancient societies stamped symbols onto metal discs to create these.
What are coins?
A monetary system where currency is tied to a fixed quantity of gold.
What is the gold standard?
Founded in 1998, this company helped make online payments mainstream.
What is PayPal?
This function allows money to preserve purchasing power over time.
What is a store of value?
The major problem of barter where both parties must want what the other has.
What is the double coincidence of wants?
Athens commonly used this bird symbol on its coins.
What is an owl?
In 1971, the United States closed this, ending the final major link to gold.
What is the gold window?
These services turn smartphones into digital wallets.
What are mobile payment systems?
This function provides a common way to measure prices.
What is a unit of account?
These shells were commonly used as commodity money.
What are cowrie shells?
During the Tang Dynasty, these paper receipts represented deposited coins.
What was flying cash?
Modern currencies backed by government authority rather than commodities.
What is fiat money?
The creator name associated with Bitcoin.
Who is Satoshi Nakamoto?
According to the presentation, exchange, pricing, and saving form this shape.
What is a triangle?
The word "salary" comes from this commodity.
What is salt?
The Song Dynasty introduced these early paper banknotes.
What are jiaozi?
These institutions manage interest rates and money supply.
What are central banks?
The technology that powers Bitcoin's distributed ledger.
What is blockchain?
Economists say money performs these three major functions.
What are medium of exchange, store of value, and unit of account?
Commodity money needed to be durable, divisible, portable, scarce, and this.
What is widely accepted (or widely demanded)?
Banking shifted trust away from physical objects and toward these.
What are institutions (banks)?
The three pillars supporting fiat money are legal tender status, tax obligations, and this.
What is central bank policy?
Government-issued digital currencies currently being explored by many countries.
What are CBDCs (Central Bank Digital Currencies)?