Money
an official medium of payment recognised by law
What is legal Tender?
consumers use money in exchange for goods and services
What is a medium of exchange
money is accepted by everyone in the society as a means of exchange
The exchange of goods for other goods.
What is bartering ?
the unit of account in which values of goods and services are stated recorded and settled.
What is unit of account ?
Money is easily divided into smaller denominations for transactional purposes.
What is divisibility?
The second form of money which replaced bartering
what is gold?
this refers to the physical wear and use of money overtime
What is durability ?
The form of money developed after paper money.
What are credit/debit/plastic cards
is an acceptable item to pay for goods and services and settle debts.
What is money ?
This function allows the settlement of debts in the future.
What is standard of deferred payment?
In order for money to retain its worth it must be in limited supply.
What is scarcity?
It is necessary for money to be easily transported.
What is portability ?