Characteristics of Money
This Characteristic of money requires currency to be made of a reliable and strong material
What is Durable?
a general upward movement of prices for goods and services
What is Inflation?
This is the name for how much money a country make in one year
What is Gross Domestic Product( GDP)?
This mean a country buy a good from another country
What are imports
This purpose of money allows for the paycheck you receive to be spent at any time because the 20 dollars you earn will always stay the same value
What is store of value?
This Characteristic of money requires currency to be easy to carry and store for long periods of time
What is Portable?
In our classroom auction where I auctioned items off, in round 2, why did the prices of goods go up even though the items were the same
There was more money in the classroom so prices increased
This is the formula for how countries calculate GDP( hint is it a mathematical equation)
What is GDP = C + I + G + NX?
This means a country sells a good to another country
What is an export?
This purpose of money is the reason why items in a store are priced in dollars
What is unit of account?
This Characteristic of money requires currency to be able to divide into smaller amounts
What is Divisible?
This is the average rate of inflation for an economy( hint the answer is a number, _____%)
What is 3% rate of inflation?
This factor in GDP is the G and represent how much the government spends on it citizens and government programs
What is government spending?
What are example of imports of the United States?
What is vehicles, oil, fruit, vegetables, consumer goods,
This purpose of money allows us to buy and sell things
What is the medium of exchange?
This metal is what the USD dollar and most of the world's currency was valued behind
What is Gold?
This Characteristic of money requires currency to all look the same
What is Uniform/Uniformity?
What country has a rate of 1,000,000% inflation and their currency's value is dropping?
What is Venezuela?
This factor in the GDP formula is I and represents how much money business spend
What is Investment?
What are examples of an export of the United States
What is oil, vehicles, movies, music, TV, technology, social media, meat, fruit, vegetables,
BONUS: This Characteristic of money requires currency to be widely accepted as a form of payment
What is Accepted/ Acceptability?
This Characteristic of money requires currency to be valuable and limited
What is limited supply?
This factor of the GDP formula is the C and represents how much money household spend on goods and services
What is consumption?
The NX is the formula for GDP stands for what
Exports minus the imports
In our example about the characteristics of money, what object did Mr Ohlmann compare a dollar to?
What is a Cow?