MGTA02H3 : Detailed
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MGTA02H3 Full Course Notes
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What is money: money: any object generally accepted by people as payment for goods and services (usually stamped metal or printed paper; but can also include commodities, ex. Portability: modern currency is lightweight and easy to handle. 1: divisibility: modern currency is easily divisible into smaller parts with fixed values for each unit (ex. Cdn dollar can be divided into 4 quarters, 10 dimes, 20 nickels, 100 pennies < or any combinations of those: durability: modern currency does not spoil or die, if it wears out it can be easily replaced. Stability: paper value fluctuates over time but is considerably more stable than other commodities (ex. Value of fish rises and falls with the fishing season) Barter economy: economy in which goods are exchanged directly for one another o. 2: unit of account: money allows us to measure the relative values of goods and services (all products can be.
