Money and banking

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Money and banking

  1. 1. Money and Banking Economics Section 2
  2. 2. 3 Uses of Money <ul><li>Money=anything that serves as a medium of exchange </li></ul><ul><li>Medium of Exchange=anything that is used to determine value during the exchange of goods and services </li></ul>
  3. 3. What is Barter?! <ul><li>Barter=the direct exchange of one set of goods or services for another </li></ul><ul><li>Traditional Economies! </li></ul><ul><li>Do we use Barter in the U.S.?! </li></ul>
  4. 4. Money as a Unit of Account <ul><li>Money provides a means for comparing the values of goods and services. </li></ul><ul><li>You can compare the cost with other stores </li></ul><ul><li>Price is always expressed the same….in $’s! </li></ul>
  5. 5. Money as a Store of Value <ul><li>Money keeps its value if you decide to hold on to/store it. </li></ul><ul><li>Our $ will keep its value and be recognized as a medium of exchange </li></ul><ul><li>Inflation can have an effect however! </li></ul>
  6. 6. Review <ul><li>3 Uses of Money: </li></ul><ul><ul><li>Medium of Exchange </li></ul></ul><ul><ul><li>Unit of Account </li></ul></ul><ul><ul><li>Store of Value </li></ul></ul>
  7. 7. The Six Characteristics of Money! <ul><li>Durability </li></ul><ul><li>Portability </li></ul><ul><li>Divisibility </li></ul><ul><li>Uniformity </li></ul><ul><li>Limited Supply </li></ul><ul><li>Acceptability </li></ul>
  8. 8. Assignment <ul><li>Vocabulary Builder </li></ul><ul><ul><li>Using the key terms of Chapter 10 Sec. 1, read and record the definitions. </li></ul></ul><ul><ul><li>Using newspapers/magazines/internet, etc, find an image depicting the meaning of each term. </li></ul></ul><ul><ul><li>Post the terms and images in your notes! </li></ul></ul>

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