What is the third objective related to money in the learning material?

Analyze the sources of money's values.

Evaluate the importance of money's values.

Discuss the history of money's values.

Summarize the effects of money's values.

What is money according to the key terms?

B) Anything that serves as a medium of exchange, a unit of account, and a store of value

D) A method of creating goods and services

What does 'medium of exchange' refer to?

B) Anything that is used to determine value during the exchange of goods and services

A) A currency used in international trade

C) The process of exchanging goods without using money

D) A standard measurement used in financial accounting

C) The direct exchange of one set of goods or services for another

A) The use of money to purchase goods and services

B) The exchange of services for money

D) A method of storing value for future use

What is the purpose of a 'unit of account'?

C) To serve as a means for comparing the values of goods and services

A) To provide a direct exchange rate between different currencies

B) To act as a store of value for goods and services

D) To replace the barter system in modern economies

What is a 'store of value'?

B) Something that keeps its value if it is stored rather than spent

A) A place where money is kept safe

C) A financial institution that offers savings accounts

D) A method of payment for goods and services

What is commodity money?

Objects that have value in and of themselves and that are also used as money

Money backed by a government decree

Objects that have value because the holder can exchange them for something else of value

Coined money, usually gold or silver

What does representative money mean?

Objects that have value because the holder can exchange them for something else of value

Objects that have value because a government has decreed that they are an acceptable means to pay debts

Objects that have value in and of themselves and that are also used as money

Coined money, usually gold or silver

Coined money, usually gold or silver, used to back paper money

Objects that have value because a government has decreed that they are an acceptable means to pay debts

Objects that have value in and of themselves and that are also used as money

Objects that have value because the holder can exchange them for something else of value

Objects that have value because a government has decreed that they are an acceptable means to pay debts

Objects that have value because the holder can exchange them for something else of value

Objects that have value in and of themselves and that are also used as money

Coined money, usually gold or silver, used to back paper money

Which of the following is a function of money?

Money serves as a store of value.

Money is a type of bond or stock.

What would be a consequence of not having money in our society?

We wouldn't be able to get the things that we need and want.

We would be able to get the things that we need and want more easily.

We would not need to work for a living.

Trade and commerce would be more efficient.

What are the three uses of money according to the image?

Medium of exchange, Unit of account, Store of value

Medium of exchange, Unit of production, Store of knowledge

Medium of communication, Unit of account, Source of value

Medium of exchange, Unit of measurement, Store of wealth

The exchange of goods and services without the use of money

The use of money to purchase goods and services

Why does bartering become difficult as an economy becomes more specialized?

Because it becomes too difficult to establish the relative value of items to be bartered

Because it is easier to use money

Because people prefer to use digital currency

Because bartering is not legal in a specialized economy

What is one of the functions of money, except during periods of inflation?

It functions as a good store of value

It is not used for comparing the value of goods and services

Why would items like cattle, salt, and precious stones not serve as good currency in today's world?

They lack at least one of the six characteristics of money.

What is a requirement for money in terms of durability?

Money must be able to withstand the physical wear and tear that comes with being used over and over again.

Money must be attractive and colorful.

Money must be made of paper only.

Money must be available in large quantities.

Why is portability an important characteristic of money?

Because it must be easily carried by people.

Because it needs to be stored in large vaults.

Because it should only be used for large transactions.

Because it should be difficult to handle.

What does divisibility in money imply?

Money must be easily divided into smaller denominations.

Money must be available in large quantities.

Money must be difficult to counterfeit.

Money must be made of durable materials.

What is required for money to have uniformity?

People must be able to count and measure money accurately.

Each unit must have a different value.

Money must be accepted worldwide.

Money must be made of paper only.

Why would money lose its value according to the text?

Because there is an unlimited supply of it

Because the Federal Reserve prints too much of it

Because there is a limited supply of it

Because it is not accepted for goods and services

What is required for an object to serve as money in an economy?

It must be acceptable to exchange for goods and services

It must be created by the government

What are the three possible sources of money's value mentioned in the slide?

Digital money, physical money, and credit money

Commodity money, representative money, and fiat money

Paper money, coin money, and electronic money

Gold reserves, silver reserves, and bronze reserves

Why is commodity money impractical for use in our modern society?

It lacks characteristics such as divisibility and portability.

It is too durable and lasts too long.

It is widely accepted and too convenient.

What is representative money?

Money that is backed by a physical commodity like gold or silver.

Currency that has value because it is rare.

Coins made out of precious metals.

What did early representative money take the form of?

Paper receipts for gold and silver.

Why did people carry paper ownership receipts during the time early representative money was used?

To show how much gold they owned.

To show how much land they owned.

To use as a form of identification.

To display their wealth publicly.

What was the problem with the representative money called Continentals during the American Revolution?

They were not backed by gold or silver and were therefore useless.

They were too difficult to carry.

They were not accepted by foreign countries.

They were easily counterfeited.

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Economics Chapter 10 Quiz

50 questions

What is the essential question for Chapter 10 in the Economics textbook?

Which section in Chapter 10 of the Economics textbook discusses the changes in the American banking system to meet new challenges?

Which section in Chapter 10 of the Economics textbook is about the services provided by financial institutions?

What topic is covered in Section 1 of Chapter 10 in the Economics textbook?

How does money serve the needs of our society?

Why did it become necessary for the federal government to have a hand in regulating the banking industry in American history?

Which of the following services do financial institutions provide?

What is one of the electronic services provided by financial institutions?

How many uses of money should be described according to the objectives?

How many characteristics of money are listed in the objectives?

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