Study Guides (248,632)
Canada (121,642)
Economics (463)
ECON 1BB3 (164)

lecture 17 ~ chapter 10.docx

3 Pages

Course Code
Hannah Holmes

This preview shows page 1. Sign up to view the full 3 pages of the document.
Is my Mastercard an asset? - money and how it functions in our economy - method of deferring payment - No Money  In place of income or assets  Money – an asset that is regularly used to buy goods and services  Money has three functions: 1. Medium of exchange 2. Unit of account (most prices are measured in terms of Canadian dollars) 3. Store of value (asset  something we buy to today hoping it would retain or go up in value, and some day sell that asset to buy goods and services)  Liquidity: the ease with which an asset can be converted into the economy’s medium of exchange o How easy it is to turn any asset into money  When prices rise, the value of money falls B Commodity money vs. fiat money  Commodity money: money that takes the for
More Less
Unlock Document

Only page 1 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.