Class Notes (837,848)
Canada (510,512)
Economics (1,617)
ECON 1BB3 (535)
Lecture

Money

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Department
Economics
Course
ECON 1BB3
Professor
Bridget O' Shaughnessy
Semester
Fall

Description
Money: an asset regularly used to buy goods and services Money has 3 functions: 1. Medium of exchange: Money's most important function is as a medium of exchange to facilitate transactions. 2. Unit of account: Money also functions as a unit of account, providing a common measure of the value of goods and services being exchanged. 3. Store of value: In order to be a medium of exchange, money must hold its value over time; that is, it must be a store of value
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