UNIT IX: The Philippine Monetary Policy Flashcards
anything that is generally accepted in payment for goods or services or in the repayment of debts.
money
FUNCTIONS OF MONEY
-medium of exchange (to pay for goods and services, in the form of currency and checks)
-unit of account (used to set the value of items, measure value of economy)
-store of value (used to save purchasing power)
money made up of precious metals or another valuable commodity
commodity money
paper currency was under which development?
fiat money
an instruction from you to your bank to transfer money from your account to someone else’s account when she deposits the check.
CHECKS
can be written for any amount up to the balance in the account, making transactions for large amounts much easier
CHECKS
banks provide websites at which you just log on, make a few clicks, and thereby transmit your payment electronically.
ELECTRONIC PAYMENT
money that exists only in electronic form
E-MONEY
enable consumers to purchase goods and services by electronically transferring funds directly from their bank accounts to a merchant’s account.
DEBIT CARD
purchased for a preset amount that the consumer pays up front, like a prepaid phone card.
STORED-VALUE CARD
system of trading commonly practiced throughout the world and adopted by the Philippines.
BARTER
first local form of coinage was called?
PILONCITOS
earliest coins brought in by the galleons from Mexico and other Spanish colonies.
COBS or MACUQUINAS
first crude copper or bronze coins locally produced in the Philippines.
barrilas (struck in the PH by order of the Spanish govt)
was vested with the authority to produce currencies under the Malolos Consti of 1898?
GENERAL EMILIO AGUINALDO
at the Malolos arsenal, two types of _______ (amount) copper coin were struck
two-centavo
rate of change in the weighted average prices of goods and services typically purchased by consumers.
INFLATION