ECON 1010 Chapter Notes - Chapter 24: Barter, United States Treasury Security, Credit Union

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Barter: people would need to exchange goods and services directly in the absence of money. Unit of account: requires a double coincidence of wants (rare, so barter is costly) Is an agreed measure for stating the prices of goods and services. Store of value: money can be held for a time and later exchanged for goods and services, money in canada consists of: Currency: notes and coins held by individuals and businesses. Deposits at banks and other depository institutions: official measures. Some savings deposits here are not means of payments (called liquid assets: liquidity, deposits, credit cards. Property of being instantly convertible into a means of payment with little loss of value. , but cheques are not: a cheque is an instruction to a bank to transfer money. Enables the holder to obtain a long, but it must be repaid with money. The banking system: depository institution firms.

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