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lecture 17 ~ chapter 10.docx

3 Pages
79 Views

Department
Economics
Course Code
ECON 1BB3
Professor
Hannah Holmes

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Description
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
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