{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Menu_13_Apr_11

Menu_13_Apr_11 - TODAYS MENU Wednesday 13 April 2011 I...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
TODAY’S MENU: Wednesday 13 April 2011 I. BUSINESS A. Practice Problems 1. Chapter 30: 7-11, 13-15, 20, 21, 24 II. SUBSTANCE A. Money: the basics -Prerequisite for existence of economy, primarily based on exchange -No society known that has used as primary needs of economic problems—that use bared for the primary needs 1. Definitions -money, what is it? -has not physical form -know when you see it -anything that is generally accepted in exchange for goods and services -prerequisite—must exist before exchange takes places -social process of obligations and fulfillment—to the transference of money -what does it do? Processes? Functions? -five different ways 2. Five functions a. Means of payment -money serves as a way of making payments -separate in 2 ways i. Medium of exchange (bilateral) -money used in exchange -fulfill obligation at the time of transaction—medium of exchange ex/pizza delivery—money in exchange for pizza; pay at the time of transaction (2 way transaction) ii. Means of unilateral payment (unilateral) -money flowing in one direction which no good or service is flowing in opposite direction—making unilateral payment (one way transaction) ex/parking ticket, fine, done something you shouldn’t of done—
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern