Class Notes (834,480)
Canada (508,529)
Economics (934)
Lecture

Chapter 24 Lecture Notes.docx

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Department
Economics
Course
Economics 1022A/B
Professor
Jeannie Gillmore
Semester
Winter

Description
MoneymakestransactionsmucheasierMoneyisanycommodityortokenthatisgenerallyacceptablemediumofexchangeasameansofpaymentiecansettledebtwithitoUnitofaccountthatmakestransactionsmoreefficientoStoreofvaluemoneymaintainsitsstoreofvaluewithlowinflationratesWorkofartexpectvaluetoincreaseCurrencynotesandbillsoM1currencythatisheldoutsidebankscurrencyheldinbanksisnotmoneyuntilitstakenoutchequabledepositsheldbyfirmsandindividualsoM2M1plusallotherdepositsbyindividualsandfirmsoAnymoneyheldbygovernmentisnotconsideredmoneyoChequesarenotmoneyfloat
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