Moneyclass - Money and the Payments System Whats Doing in...

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1 Money and the Payments System What’s Doing in the News? Course Issues Religious Absence – email/ no penalty/ slides etc Questions, Problems - CHAT ROOMS (correct room) Late HW –NOT (except for 1) Missed Class – do not email unless athletics university sponsored event 3 ? athletics, university sponsored event, sustained problem (>4) Clickers – don’t worry about reg yet HW – images, careful Slides posted before first class each week Not / All of the above / multiple choice
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2 Applications fun facts http://www.sf.frb.org/federalreserve/money/funfacts.html $ and cents http://www.federalreserve.gov/releases/ Future of Money http://www.federalreserve.gov/boarddocs/speeches/2001/20011205/default.htm Fed FAQs about money http://www.federalreserve.gov/generalinfo/faq/faqcur.htm#2 http://www.frbatlanta.org/pubs/dollarscents/dollars_and_cents- types_of_u_s_paper_money.cfm?redirected=true What is Money? Medium of exchange – key Acceptability-widely accepted Standardized, divisible, high value/weight, Homogenous, portable, durable unit of account store of value (standard deferred …) Versus Barter High transactions costs, no financial system Double coincidence, Huge number of prices Advantages of Monetary Economy? Lowers Information and transactions costs No need for double coincidence of barter One price for each item Improves Economic Efficiency Allows specialization
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