ECN 204 Chapter Notes - Chapter 12: Credit Union, Token Money, Canadian Imperial Bank Of Commerce
21 Apr 2011
School
Department
Course
Professor
Document Summary
Money: any item that is generally acceptable to sellers in exchange for goods and services: medium of exchange: items sellers generally accept and buyers generally use to pay for a good or service. barter: the exchange of one good or service for another: measure of value: unit of account: a standard unit in which prices can be stated and the value of goods and services can be compared: store of value: an asset set aside for future use/benefits. Liquidity: the ease with which an asset can be converted quickly into cash with little or no loss of purchasing power. Money definition m1: currency and demand deposits in chartered banks: currency (coin and paper money) token money: coins that have a face value greater than their instrinsic value. constitute about 24 percent of the economy s narrowly define (m1: demand deposits *chequing account deposits, institutions that offer demand deposits.
