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Canada (161,962)
Economics (923)
ECN 506 (34)
Chapter 3

Ch.3 ECN506.docx

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Department
Economics
Course
ECN 506
Professor
Mercy Anselm
Semester
Winter

Description
Ch. 3: Money and Payments 1.  How we use money   A: Medium of exchange ­Exchange money for foods and services ­historically gold and silver coins B: Money serves as unit of account: prices are denoted in terms of money. When  the Bank System fails, the barter system prevails. C: Store of Value: when people save money(Inflation can eat into s.o.v) D: Standard of Deferred Payments: buy now pay later 2.  The Payment System(money created by govt.)  A) Commodity Money ­gold and silver ­dollar bills B) Fiat Money ­breakup the link between gold and money(1934) ­this led to the Gold Exchange Standard(34­71). Conversion to gold only by  foreign banks using USD dollars.
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