Textbook Notes (368,434)
Canada (161,878)
MGTA01H3 (583)
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ch12_

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Department
Management (MGT)
Course
MGTA01H3
Professor
Chris Bovaird
Semester
Fall

Description
Ch 10 moneyMoney any object generally accepted by people as payment for goods and services just about any object can serve as money if it has the characteristics being portable divisible durable and stable oBarter economy is an economy in which goods are exchanged directly for one anotheroIna money economy money is exchanged for goods oMoney serves three functions medium of exchangeWithout money we would be bogged down ina system of barter store of value fish spoils but money can be used for future purchases and therefore stores value unit of account money acts as a unit of account because all products can be valued and accounted for in terms of money oCredit cards have become so widespread that many people refer to them as plastic money Nevertheless credit cards do not qualify as money Rather they are a money substitute they serve as a temporary medium of exchange but are not a store of valueoFor many years the financial community in Canada was divided rather clearly into four distinct legal areas called the four financial pillars1 chartered banks 2 investment dealers 3 life insurance compa
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