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ECON 1010 (256)
Chapter 24

Chapter 24- Money

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Department
Economics
Course
ECON 1010
Professor
Steven Edwards
Semester
Fall

Description
Chapter 24 • Money – a commodity that is accepted as a means of payment • Means of payment is a way of setting a debt • 3 Main Functions o Medium of exchange – is any object that is accepted in exchange for goods and services. If goods and services are exchanged for other goods and services – it is called a barter- which requires a double coincidence of wants, exchange a burger for a CD you have- you need someone who is selling the burger and wants the CD in exchange. A medium of exchange overcomes that issue. o Unit of account – Is an agreed measure for stating the prices of goods and services eg. In dollars and cents. o Store of value – Money is a store of value - that it can be held and exchanged later for goods and services just like a car, house are other examples. Inflation lowers the value of money and the value of other commodities – to make money useful
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