Fichas
Topic 1: Purposes of Money
Fichas del conjunto (25)
- 1acceptableKey feature of money: to widely be accepted
- 2Barterto exchange goods and services with other goods and services without the use of money
- 3Current accountBank or building society account where people can store their money in the form of electronic balances and withdraw to make payments
- 4Denominationa group of coins and/or bank notes which all share the same face value
- 5DivisibleA key feature of money: to be easily divided into different amounts of different value
- 6Double Coincidence of OnceA situation in which two people have goods and services to trade and each wants what the other can offer
- 7DurableA key Feature of Money: to be strong enough to be reused in many transactions
- 8Face valuethe value marked on the face of a coin or note. e.g. 50p, £1 ,£5
- 9fiduciary valuevalue based on trust in the banking system
- 10Homogeneousto look and feel the same as other coins and notes of the same denomination
- 11Inflationa rise in prices = the purchasing power of money falls
- 12Intrinsic valuethe value that an item has in itself .e.g. a bag of rice = staple food
- 13Legal tendercoins and banknotes that must be accepted if offered in payment of debt
- 14a means of exchangea function of money: to allow people to make payments
- 15Moneyanything widely accepted as a means of making payments
- 16Payment Mechanisma means of transferring money from one account to another .e.g. debit card, cheque
- 17Portablea feature of money: to be small and light enough to carry around easily
- 18purchasing powerthe quantity of goods and services that money can buy
- 19Rate of exchangeHow much an item is worth in term of a different item £1 = 1.5euros ; 1bag of flour=5iron-nails
- 20Recognizablea key feature of money : to be easily identified as genuine money
- 21Representational valuethe value that an item represents rather than the value the item has in itself; a banknote is just a piece of paper but it represents the value that is imprinted on it
- 22Scarce but sufficienta key feature of money: to be available in sufficient quantities to meet peoples needs but not in such quantities that the value of money falls
- 23Store of valuean attribute of money that allows people to store money now and spend it later
- 24transactionbuying or selling something
- 25unit of accounta function of money: to allow people to compare prices and measure the value of money in a bank account, etc.
Información
- Descripción
- Includes key terms for topic 1: The Purposes of Money
- Creado por
- Dawn S_akura
- Visitas
- 23
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- Valoración