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Unformatted text preview: What Is Money? A part of a person's wealth that can be readily used for transactions Three Functions of Money Medium of exchange: something that is generally accepted as a means of payment. Store of value: something that will allow purchasing power to be carried from one period to the next. Unit of account: a standard unit in which prices can be quoted and values of goods can be compared. Commodity Money Commodity money: commodities such as gold and other precious metals, grain, salt, and cigarettes, which are used as money. Commodity Money Early Uses of Precious Metals as Money Gold coins were used in the 7th century B.C. in Lydia (now western Turkey). China issued bronze coins with a hole in the middle in the 5th century B.C. Greeks used silver coins called tetradrachmas in the 4th century B.C. From Coins to Pap...
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