money Flashcards
1
Q
Money serves 3 key functions:
A
Medium of Exchange
Store of Value
A unit of account
2
Q
What was life like without Money?
A
Barter and Trade was the main economic tool
3
Q
metal coins
banknotes
fiat currency
cryptocurrency
A
commodity money
representative money
fiat money
decentralized currency
4
Q
Shells such as the wampum were used as ornimentation and as a form of currency. Which type of currency would this be?
A
Commodity
5
Q
Which type of currency would bitcoin be?
A
Fiat
6
Q
A store of value means…
A
Its value remains relatively consistent over time
7
Q
A unit of account means…
A
Its value is clearly measurable and has a standard worth
8
Q
M1 includes
A
A) physical currency in circulation
B) money held in chequing acounts
