Money

Money - Money-Yay chocolate Money is anything a group of...

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Money—3/27/08—Yay chocolate! Money is anything a group of people believes is valuable; any set of items regularly used to improve the buying and selling of goods and services. ..Faith Functions of Money - Medium of exchange for goods and services o Anything that is readily acceptable as payment POW camps- people paid in cigarettes Island of Yap people pay in huge stone wheels - Unit of account o Denominator of quoting prices of the yardstick people use to post prices and record debts Oil Trade Foreign Travel Dannon yogurt - Store of Value o An item that people use to transfer purchasing power from the present to the future Driveway Coal miners Gold coins Near Money: Checks, Meal points…matches all 3 tests in certain circumstances Commodity Money - Items with intrinsic value o Gold, silver, cigarettes, salt, cowry shells, nails o Card trading - Removed double coincidence of wants problem, encouraged specialization and improved divisibility - Problems o Storage
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Money - Money-Yay chocolate Money is anything a group of...

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