ACT 2300 Lecture Notes - Lecture 3: Market Liquidity, Stored-Value Card, Paypal

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21 Jul 2017
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Anything that is generally accepted as payment for goods or services or in the repayment of debts. Includes not only money but also other assets such as bonds, common stock, art, land, furniture, cars, and houses. A flow of earnings per unit of time. It is a certain amount at a given point in time. The use of money as a medium of exchange promotes rconomic efficiency by minimizing the time spent in exchanging goods. The time spent trying to exchange goods or services. They have to find someone who has a good or service they want and who also wants the goods or services they have to offer. By eliminating time spent exchanging goods or services and promoting efficiency by allowing people to specialize in what they do best. By reducing the number of prices that need to be considered. Used to save purchasing power from the time income is received until the time it is spent.

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