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Terms in this set (17)Money anything widely accepted as final payment for goods and services What are the six characteristics of money? 1) Durability Durability must withstand physical wear and tear that is a part of being used over and over again Portability people need to be able to take money with them from place to place Divisibility money must be easily divided into smaller denominations Uniformity money must be uniformed, easy to count and measure Limited Supply the money supply must be kept in limited supply Acceptability everyone must be able to use the object meant to be used as money as a medium of exchange What are the advantages of money? - Money acts as a medium of exchange, making trade easier How does money make trade easier? Money acts as a medium of exchange What does decreasing the costs of exchange encourage? Specialization How does money make it easier to save and invest? Money acts as a store of value How does money make it easier to compare the value of goods and services? Money acts as a measure of value Commodity Money has value in itself (ex. gold coin) Fiat Money has value because the government has declared that it is acceptable for paying debt (ex. cash) Basic Money Supply (in the US) is made up of currency, coins, and checking account deposits What does money make it easier to do? to trade, borrow, save, invest, and compare the value of goods and services Sets with similar termsEconomics 10.120 terms carlosgonzalez95 Money30 terms victoriathomas__PLUS Economics 6.1 Role of money10 terms lincoln_williams4 Eco chap 1027 terms almaguer116 Sets found in the same folderECON QUIZ 441 terms Aspen_Angel 5.5. T - Lesson: Price Ceilings and Price Floors &…10 terms Yoozer0492 Economics Quiz 16 Review30 terms misscuppycake8 Econ test 374 terms mia-s2004 Other sets by this creatorTest Collections, Full, 810-44070 terms SammTansley 2.8 Business Architecture Journey10 terms SammTansley 2.7 Business Architecture Journey4 terms SammTansley 2.6 Business Architecture Journey2 terms SammTansley Verified questions
ECONOMICS Identify the benefits of membership in the European Union. Verified answer
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ECONOMICS What does the Laffer curve show? Verified answer Other Quizlet setsCombo with "Qualities of Money" and 1 other14 terms ellenlotTEACHER Abeka Economics chapter 9, pp. 142-15120 terms greatbigheinrich Pricing93 terms cynthiacote Essentials of Marketing (Chapters 19-20)20 terms zachschmitt34 Related questionsQUESTION If an agribusiness pays $50,000 per year to rent storage tanks to store a chemical suspended in a liquid solution used in manufacturing their finished product, is this an implicit or explicit cost? 4 answers QUESTION Micro or macro: a tax on tires increases the price of tires paid by car owners. 8 answers QUESTION 1. Explain why economists say there is no such thing as a "free" lunch. 3 answers QUESTION A specific quantity of a product that the seller is able and willing to provide at various prices 8 answers In what ways does money make trade easier?Money makes trading easier by replacing barter with transactions involving currency, coins, or checks.
Why does money promote specialization?Money also encourages specialization. Without money, workers and other resources could not be paid except in the output produced. All those who participated in the production of the good would have to collectively exchange it for all the goods and service desired by the resource owners.
Why Is money important in trade?Money is a Universal Medium of Exchange
But in reality, money is nothing more than a medium of exchange. Money makes it easier to trade your labor for a diverse set of goods and services.
Why is using money as a medium of exchange preferable to bartering?Why is using money as a medium of exchange preferable to bartering? the relative value of bartered goods remains the same over time. the value of money fluctuates over time. the relative value of goods is difficult to establish in a barter system.
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Money makes trade easier and encourages specialization because it acts as a medium of _________.
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