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Chapter 10 Notes FULL lecture notes for Chapter 10

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ECON 102
Angela Trimarchi

Econ 102 Chapter 10 NotesProf Angela TrimarchiChapter 101MoneyMoney is the most important thing in the world George Bernard Shaw1DefinitionMoney is anything that is generally accepted as payment for goods and services or as settlement of a debtBarter DefinitionDirect exchange of certain goods for other goodsWithout money exchange would take place by barterRequires a double coincidence of wants ostly and inefficientIs therefore cThree Basic Functions of Money1 Medium of ExchangeMoney functions as a medium of exchange when it is used to buy things2 Unit of AccountDollar is the yardstick for measuring the relative worth of a wide variety of goods and servicesA unit of account simplifies price comparisonsGoodPrice in money unitsPrice in units of another goodRock Concert32004 moviesMovie8004 cappuccinosCappuccino2002 icecream conesIcecream cone1004 local phone callsLocal phone call0253 Store of ValueMoney and other valuables put away for future useLiquidityThe ease with which a store of value can be converted into a medium of exchange with little or no loss of valueMoney is the most liquid of all assetsThere is an old saying money is what money doesIn a general sense whatever serves as a medium of Econ 102 Chapter 10 NotesProf Angela Trimarchiexchange is money
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