MGTA02H3 Lecture Notes - Accounts Receivable, Prime Rate, Time Deposit

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30 Apr 2013
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MGTA02H3 Full Course Notes
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MGTA02H3 Full Course Notes
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Money: any object generally accepted by people as payment for goods and services. Portability: currency that is easily affected by deterioration or is too large or uncomfortable to be carried around is not the best kind of money. That is why currency is usually lightweight and easy to handle. Divisibility: currency should be easily divisible, and easily given out. Durability: currency must be able to able to retain its value for a long period of time. Stability: there must be a stoic demand for the currency. Inflation would result in less demand for consumption while deflation would result in too much demand. The functions of money: down in a system of barter. Medium of exchange: money is used as a way to buy or sell things. Stores of value: in the form of currency, money can be used for future purchases and therefore stores value. Unit of account: money lets us measures the relative values of goods and services.

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