ECON 110 Chapter Notes - Chapter 27: Canadian Imperial Bank Of Commerce, Commercial Bank, Fiat Money

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ECON 110 Full Course Notes
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Money is a medium of exchange anything that is generally acceptable in return for a p/s. If there were no money, goods would have to be exchanged through barter: barter is a system in which p/s are traded directly for other goods and services. To be efficient, money must be easily recognizable, readily acceptable, have high value relative to its weight, divisible, durable, and difficult/impossible to counterfeit. Might also be used purely for accounting purposes without having any physical existence. Canadian banks transfer dollars credited to deposits each time you make a purchase with a debit card thus a bank deposit acts as both a unit of account & a medium of exchange. Before coins, they carried the metal in bulk and then would cut off the necessary amount. Some rulers started debasing collect coins from people, melting them with other cheap metal, make new coins, re-distributing them same gold, more money, lead to inflation.

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