EC250 Chapter Notes - Chapter 3: Gdp Deflator, Real Interest Rate, Seigniorage
Document Summary
3. 1 definition of money: double coincidence of wants: seller accepts payment that buyer offer. Barter: exchange of good being sold and good being bought. Needs to be a double coincidence of wants. Do cut a diamond in half da fuck: it needs to be valuable because if its not then buying something that is valuable will take a large quantity. Selling a man 2 g of kush for a pair of socks. Trading items as a means of payment. Value beyond use as money: good serves as money used for another purpose, value of commodity determined by alternative use, have characteristics of money, durable and portable. Basically you go to the bank cash out cause you made crazy money. Playing ceelo and your like shit i deposit this cash and you get a. Certiificate you carry around this ceritifcate as a form of money.
