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Unformatted text preview: away; you wanted to save some of it to spend later. You’re going to have some difficulty saving some of your “apple income.” The apples will eventually rot, and no one is going to want rotten apples. And you don’t want this to happen to your money. You don’t want it to lose its acceptability because you saved it. Medium of exchange is another function of money; everything from playing cards to shells to furs to gold. For one reason or another, these items became acceptable in some societies as forms of payment for goods and services. As soon as anything is readily accepted in a society as money, it can serve as a medium of exchange. That is the most important criterion for anything to serve as money—it must be readily acceptable....
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This note was uploaded on 03/05/2011 for the course XECO 212 taught by Professor Cohen during the Spring '10 term at University of Phoenix.
- Spring '10