ECON 1010 Chapter Notes - Chapter 24: Barter
30 Nov 2011
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Chapter 24: money a commodity that is accepted as a means of payment, means of payment is a way of setting a debt. Is any object that is accepted in exchange for goods and services. A medium of exchange overcomes that issue. services eg. in dollars and cents. 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- a low inflation rate is needed. Is an agreed measure for stating the prices of goods and. Money is a store of value - that it can be held and: unit of account , store of value . Money in canada today: currency- notes and coins held by individuals and businesses.
