ECO 1102 Lecture Notes - Lecture 10: Debit Card, Stephen Poloz, Canada Act 1982

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ECO 1102 Full Course Notes
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ECO 1102 Full Course Notes
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In this chapter, we begin to examine the role of money in the economy. We discuss what money is, the various forms that money takes, how the banking system helps create money, and how the government controls the quantity of money in circulation. Barter system: double coincidence of wants wheat, fruits, animals, wampum, cigarette, etc. Definition of money: the set of assets in the economy that people regularly use to buy goods and services from other people. Medium of exchange: an item that buyers give to sellers while purchasing goods/services: Commodity money: money that takes the form of a commodity with intrinsic value: metallic money, such as gold and silver coins. Paper money: backed by a commodity, gold/silver, and can be redeemed/converted into commodity, us dollar prior to 1974. (when and where was paper money invented?) Fiat money: money without intrinsic value that is accepted as money because of government decree.

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