Barter
The exchange of one thing for another without the use of money
Barter
It must be hard wearing
Durable
It can be used to state prices
A measure of value
These are issued by banks and regular payments must be made to prevent additional charges
Credit Cards
I own and operate my own business and make all the decisions
Sole Trader
I must want what you have and you must want I have
Double coincidence
People must agree to use it
Acceptable
Makes the acquiring of goods and services easier
A medium of exchange
This is when some services are transacted over the phone through a bank's customer service facility
Telebanking
The Anderson Family have decided to start a business
Private Limited Company
It was not possible split certain things for exchange
Divisibility of goods
can be broken down into smaller units
Divisibility
can be saved
A store of value
These are attached directly to the account holder's funds and can be used to transact business
Debit Cards
I collect a fee from the profits made from others
Franchise
Some goods could not be saved for future use
Storage of wealth
The value is maintained when it is harder to acquire
Scarce
Can be earned one time and spent another
deferred payment
Western Union is an example of this type of transfer
Telegraphic money transfer
Run by a management group that is elected by its members
Cooperatives
People used barter to get rid of their excess produce also known as...
Surplus
It must be convenient to carry
Portable
Beads, grains, dog's teeth were used as....
Token money
Provides extra security that money will be received and is used for larger payments.
Bank Drafts
This business must have a Memorandum of Association, Articles of Association as well as a Prospectus
Public Limited Company