MGTA02H3 Chapter 8: chapter 8 notes
1
MGTA02H3 Full Course Notes
Verified Note
1 document
Document Summary
N modern money usually takes the form of stamped metal or printed paper that is issued by governments. N but over the centuries, items as diverse as stone wheels, salt, wool, livestock, shells, and spices have been used as money. N coins probably came into use sometime around 600 bce and paper money around 12000 ce. N just about any object can serve as money if it is portable, divisible, durable, and stable. N money any object generally accepted by people as payment for goods and services. N money serves three functions: medium of exchange, store of value, and unit of account. N: some cards charge annual fees to holders. Depending on the issuer, cardholders pay interest rates ranging from 11 to 20%: merchants who accept credit cards pay fees to card issuers. Depending on the merchant"s agreement with the issuer, 2 to. 5% of total credit-sales dollars goes to card issuers.
