Glossary Terms

Often recived for providing goods and services to other and a way of making payments, usually by notes or coins or EFT

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Money

The use of goods or services as a means of exchange.

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bartering

a method of payment for good or service

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medium of exchange

a numerical unit of measurement if market value of goods and services

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Unit of account

Money is reliably stored saved and retrieved

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store of value

the notes and coins accepted in a particular country.

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Currency

Money received in the form of wages from working, dividends from shares owned, or rent received from property owned.

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Income

goods or services that are necessary

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Need

Goods or services that are desired but not necessary

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Wants

“Buy now, pay now”. Linked to everyday transaction accounts, with funds withdrawn from the consumer’s account. Two forms used in Australia.

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Debit Card