ECON 2030 Chapter : Menu 10 Nov 14
Document Summary
Today"s menu: monday 10 november 2014: business, practice problems, chapter 29: 1-7, 14-16, chapter 30: 4, 5, 7, 9, 10, 20, 27, third exam: one week from today. Substance: money: the basics, five functions, means of payment, medium of exchange, means of unilateral payment, unit of account, standard of value, store of value: a way of retaining value over time, standard of deferred payment. Yes, because the us"s inflation rates low and steady for the last 30 years at around 2. 5%. States which means that the us provides a store of value to the entire world, not just to the us. This note is legal tender for all debts. Public and private the gov"t is promising that the federal reserve note is promising that the dollar will fulfill obligations, which gives the dollar its value. Federal gov"t: demand deposit account balances: promises to pay. The balance in the checking account is a promise to pay.
