ECON 2030 Lecture Notes - Money Multiplier, Transaction Account, Money Market Account
Document Summary
Today"s menu: thursday 03 july 2014: business, practice problems, chapter 29: 1-7, 14-16, chapter 30: 4, 5, 7, 9, 10, 20, 27, june 2014 employment situation, final exam: one week from tomorrow (saturday, 12 july, 7:30-9:30 am) Substance: money: the basics, definitions: goods and services being exchanged with money. At the foundation of a market economy is money. To have an economy organized primarily on the basis of markets, money is a pre-requisite. Without money we don"t have a market economy. There is no society that we know of that has organized the provisioning of the material needs of existence primarily based on bartering. Bartering exists, but always on the fringes of economic activity, not the primary organization of the economy. Money is a social process, interaction between individuals, businesses and other entities. Money is a social process of obligation and fulfillment.
