Money and Economics Test Review

Define money!

• ONLY a coin which is used to pay for goods and services

• anything that is generally accepted in payment for goods & services

• a green note given to the government in gratitude for keeping us safe

• Goods and Services represented by money

What are the six characteristics of "good" money from the reading.

• Stability, Portablity, Durability, Uniformity, Divisibility, and Recognizability

• Stability, Portability, Durability, Usefulability, Divisoribility, Recognizability

• Uniformity, Divisibility, Civicibility, Econility, Exchangability, Techtability

• Dividibility, Uniformaty, Caseliable, Portility, Fortifiable, Formidable

Three functions of money...

• Fiat money, Medium of Exchange, and Store of Value

• Medium of Value, Store of exchange, and Representative money

• Medium of Exchange, Measure of value, Store of value

• Commondity Money, Medium of Value, Store of Value

DEFINE Measure of Value

• Other Checkable deposits that occured on Thanksgiving to get new Christmas Trees

• The purchasing power of money can be transported from one time period to another

• Money is accepted by people when they buy goods and services

• Money is like a yardstick. People use it to compare the worth of things they buy/sell

DEFINE Medium of Exchange

• Commondty money is the hardest term to remember this unit.

• Money is accepted by people when they buy goods and services

• The purchasing power of money can be transported from one time period to another

• Money is like a yardstick, people use it to compare the worth of things they buy and sell.

DEFINE Store of value

• The purchasing power of money can be transported from one time period to another.

• Money is like a yardstick, people use it to compare things they buy and sell.

• Money is accepted by people when they buy goods and services

• Mr Hoffman HOLLA DOLLA

The type of money that HAS VALUE ON ITS OWN(Example: Precious metals)

• Commodity money

• Representative Money

• Fiat money

• HOLLER MY DOLLER

The type of money that has value because it can be exchanged for something of value

• Fiat Money

• Commodity Money

• Representative value

• ECONOMICS IS THE BEST CLASS

The type of money that HAS VALUE BECAUSE THE GOV´T SAYS IT DOES

• Holleman VS Hoffman, the battle of the Greats

• Fiat Money

• Commodity Money

• Representative Value

Barter Economy...

• An economy that Honey the Cat owns, its hers!

• An economy in which goods and services are traded directly

• An economy in which exchanges are made through some commonly accepted medium of exchange

• A type of economy that is solely ran by the Government and is very unfair towards citizens