Money

What is money?

• anything people commonly accept in exchange for goods and services

• non perishable; can be saved and keep its value over time and even accumulate wealth

• an item that has value of its own

What is a medium of exchange?

• must be accepted in exchange for goods and services

• compare the value or worth of different items through prices

• non perishable; can be saved and keep its value over time and even accumulate wealth

What is meant by the term "measure of value"?

• must be accepted in exchange for goods and services

• compare the value or worth of different items through prices

• non perishable; can be saved and keep its value over time and even accumulate wealth

What does "store of value" mean?

• must be accepted in exchange for goods and services

• compare the value or worth of different items through prices

• non perishable; can be saved and keep its value over time and even accumulate wealth

What word is used to describe the fact that money should be scarce to maintain its value over time?

• Stability

• Portability

• Divisibility

• Durability

What word means that money must be able to be in your pocket and not be so heavy or bulky that you cannot carry it around?

• Stability

• Portability

• Divisibility

• Durability

Which word in regards to money means that it must last, and for example not disintegrate if it is put in the washer?

• Stability

• Portability

• Divisibility

• Durability

What word is used to express that an item has value of its own. (ex. Gold, diamonds, salt)

• Commodity

• Divisibility

• Representative