Class Notes (837,123)
Canada (510,103)
Economics (1,617)
ECON 1BB3 (535)
Lecture 16

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Department
Economics
Course
ECON 1BB3
Professor
Hannah Holmes
Semester
Winter

Description
Lecture 16 Money • Money – an asset regularly used to buy goods and services • Money has 3 functions: 1) Medium of exchange (what we regularly used to buy goods and services) 2) Unit of account (it is used to compare the relative values of different things) 3) Store of value (something that retains its value overtime  it’s an assets) • Liquidity: the ease with which an asset can converted into the economy’s medium of exchange • When prices rise, the
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