Textbook Notes (368,558)
Canada (161,962)
Economics (294)
ECON 291 (14)
Chapter 7

Chapter 7 – Money, Assets and Prices

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Department
Economics
Course
ECON 291
Professor
Geoff Dunbar
Semester
Fall

Description
Chapter 7Money Assets and PricesWhat is money Typically we think of money as dollarsBut in economics anything that can be used to buy goodsservices Historically beads shells fins gold silver and even cigarettes have been used as moneyFunctions of Money1Medium of exchangeCan be used to make paymentstransactionsWe no longer need to barterNo double coincidence of wants2Unit of accountMoney is the basic unit for measuring economic value ie prices are expressed in terms of moneyIn Canada wages assets values goods prices are expressed in dollars3Store of valueMoney is a way of holding wealth ie of saving for consumption in a later period Midterm 1 goes up to hereMeasuring MoneyDone using monetary aggregatesMany types of monetary aggregatesMobase moneycurrency in circulationM1narrow moneycurrency chequing account balances other chequable accountsM2M1savings deposits
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