Textbook Notes (368,820)
Canada (162,188)
MGTA01H3 (583)
Chapter 8

Chapter 8

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Management (MGT)
Chris Bovaird

Chapter 8 Understanding Money and BankingWHAT IS MONEYthe value of everything you own is your personal wealthnot all of it is moneyThe Characteristics of Moneyover the centuries items as diverse as stone wheels salt wool and shells have been used as moneymoney any object generally accepted by people as payment for goods and servicesany object can serve as money if it is portable divisible durable and stablePortability lightweight and easy to handleDivisibilitymodern currency is easily divisible into smaller parts with fixed values for each unitDurability modern currency does not spoil die or wear out it can be replaced with new coins and paper moneyStability the value of paper money we use today has fluctuated over the years it is considered stableThe Functions of Moneya barter economy is an economy in which goods are exchanged directly for one anothera money economy is an economy in which a seller would sell his good receive money and exch
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