ECON1132 Lecture Notes - Lecture 9: Wampum, Olive Oil, Savings Account
25 Mar 2015
School
Department
Course
Professor
Document Summary
Econ1132: principles of macroeconomics- lecture 9:money: meaning of and demand or. In economics, we mean anything readily accepted as a means of payment. May be some commodity, such as gold or silver, or paper, or even an accounting entry. Historically, its most common form has been gold and silver, but olive oil, wampum, and cigarettes have also served as money. Medium of exchange: a means by trade what i have for want i want, much more easily than through barter or direct exchange. Store of value: a means of preserving purchasing power for future needs or wants. A unit of account: a basis for comparing apples and oranges--for keeping records as in total sales for a firm--for recording debs and collecting taxes--for measuring. Tobacco, cigarettes, and wampum have all served as money. Wampum (colored shells, or beads, which were produced by native. Paper money printed and circulated by government.
