Ch25 - W09 - Introduction to Macroeconomics AS/ECON1010 3.0...

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Introduction to Macroeconomics AS/ECON1010 3.0 Section R– W09 Professor: Art Noordeh, PhD Web site: www.noordeh.pageout.net
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Teaching Assistants ROOM: 1098 VH 1. Negar Razavilar Office hrs: M W; 10 – 1 pm Email: razavi2@yorku.ca 1. Lulu Lou Email: lululou @econ.yorku.ca
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Course Evaluation Midterm Exam (40%): Tue. April 7 (in class) Assignment (20%): Due May 21 @11:45 pm Final Exam (40%): May 22 – June 2
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Other Important Dates April 22: Last date to drop the course without receiving a grade May 21: Last day of Winter Classes
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Reading/Homework for Reading: Practice Exercises: Practice Exercises: All review Quizzes & All review Quizzes & Odd-numbered problems Odd-numbered problems Study Guide: Key Concepts & all Multiple Choice Key Concepts & all Multiple Choice questions questions Aplia: Aplia: Practice questions/problems Practice questions/problems
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Chapter 25 MONEY, BANKING, AND INTEREST RATES
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Objectives Define money and describe its functions Explain the economic functions of banks and other depository institutions Describe some financial innovations that have changed the way we use money today Explain how banks create money Explain what determines the demand for money Explain how interest rates are determined Explain how interest rates influence expenditure plans
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What is Money? Money is any commodity or token that is generally acceptable as a means of payment. A means of payment is a method of settling a debt. Money has three other functions: Medium of exchange Medium of exchange Unit of account Unit of account Store of value Store of value
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1. Medium of Exchange A A medium of exchange medium of exchange is an object that is generally is an object that is generally accepted in exchange for goods and services. accepted in exchange for goods and services. In the absence of money, people would need to exchange In the absence of money, people would need to exchange goods and services directly, which is called goods and services directly, which is called barter barter . Barter requires a double coincidence of wants, which is Barter requires a double coincidence of wants, which is rare, so barter is costly. rare, so barter is costly. 1. Unit of account A A Unit of Account Unit of Account is an agreed measure for stating the is an agreed measure for stating the prices of goods and services. prices of goods and services. 3. Store of Value As a As a store of value store of value , money can be held for a time and later , money can be held for a time and later exchanged for goods and services. exchanged for goods and services.
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This note was uploaded on 08/04/2009 for the course ECON 1010 taught by Professor Noordeh during the Winter '08 term at York University.

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Ch25 - W09 - Introduction to Macroeconomics AS/ECON1010 3.0...

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