Money Flashcards
1
Q
Functions of Money
A
standard for deferred payments, medium of exchange, measure of value, store of wealth
2
Q
Characteristics of money
A
portable, divisible, scarce, homogenous, durable, acceptable, convertable
3
Q
Advantages of money
A
Includes the characteristics as well as:
can be used to satisfy wants and needs
improves social status
4
Q
Disadvantages of money
A
inflation, can be stolen easily, leads to inequality regarding wealth, leads to problems when people become obsessed with it
