Flashcards
CeFS key terms Topic 1
Flashcards do conjunto (25)
- 1AcceptableOne of the key features of money - to be widely accepted
- 2BarterTo exchange goods and services for other goods and services without using money
- 3Current AccountBank or building society accounts where people can store their money in the form of electronic balances and withdraw it to make payments
- 4DenominationA group of coins or notes that share the same face value
- 5DivisibleA key feature of money - to be easily divided into amounts of different value
- 6Double coincidence of wantsA situation in which two people have goods or services to trade and each wants what the other person can provide
- 7DurableA key feature of money - to be strong enough to be reused in many transactions
- 8Face valueThe value marked on a coin or note
(eg 1p, 2p, 5p, £5, £10) - 9Fiduciary valueValue based on trust in the banking system
- 10HomogeneousA key feature of money - to look and feel the same as other coins and notes of the same denomination
- 11InflationA rise in prices, which means that the purchasing power of money falls
- 12Intrinsic valueThe value that an item has in itself, eg a bag of rice has intrinsic value because it is a staple food; a solid gold coin has intrinsic value because it is made of a precious metal; a banknote does not have intrinsic value because it is a piece of paper
- 13Legal tenderCoins or banknotes that must be accepted if offered in payment of a debt
- 14Means 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 eg debit card, cheque
- 17PortableA key feature of money - to be small and light enough to carry around easily
- 18Purchasing powerThe quantity of goods or services that money can buy
- 19Rate of exchangeHow much one item is worth in terms of a different item eg one bag of flour is worth four nails, one British pound is worth 1.5 euros, etc.
- 20RecognisableA key feature of money - to be easily identified as genuine money
- 21Representational valueThe value that an item represents rather than the value it has in itself: a banknote is just a piece of paper but it represents the value that is printed on it
- 22Scarce but sufficientA key feature of money - to be available in sufficient quantities to meet people's 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 to measure the value of money in a bank account, etc.
Informações
- Descrição
- FlashCards sobre CeFS key terms Topic 1, criado por palacey em 12-11-2013.
- Criado por
- palacey · nov 2013
- Atualizado
- 14 jan 2017
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