ECON 1010 Chapter 24: Chapter 24 Notes part 1

73 views8 pages
14 Feb 2017
Department
Course

Document Summary

Money is any commodity or token that is acceptable for means of payment. Means of payment is a method of settling a debt. A medium of exchange is any object that is acceptable to exchange for goods and services (ex. Without a medium of exchange, goods and services must be exchanged for other goods and services (this type of exchange is called a barter) Money acts as a medium of exchange. Credit cards do as well but they are not money. Credit cards create debt that must be settled with money. A unit of account is an agreed measure for the price of goods and services. The prices of goods and services are expressed in dollars and cent for simplicity. If money wasn"t a store of value, it could not serve as a means of payment. Money is a store of value since it can be held and exchanged later for goods and services.

Get access

Grade+
$40 USD/m
Billed monthly
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers
Class+
$30 USD/m
Billed monthly
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
7 Verified Answers

Related Documents

Related Questions