ECON 1BB3 Lecture Notes - Lecture 7: Canada Deposit Insurance Corporation, Cheque Clearing, Open Market Operation

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ECON 1BB3 Full Course Notes
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ECON 1BB3 Full Course Notes
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Econ 1bb3: introductory macroeconomics lecture 7 chapter 10: The bank of canada and monetary policy. In economics, money is an asset regularly used to buy goods. In economics, money is not the same thing as income or wealth. Wealth refers to the total of all stores of value, including both money and nonmonetary assets. Liquidity is the ease with which any asset can be converted to the medium of exchange. Currency and chequing account deposits are the most liquid deposits in the economy. Prices and money when the overall price level in the economy rises, the value of money falls. Two broad categories of money: commodity money is money that takes the form of a commodity with intrinsic value. Intrinsic value means that the item would value even if it were not used as money. Example of commodity money: gold, cigarettes: fiat money is money without intrinsic value that is used as money because of government decree.

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