Question

Anything that serves as a medium of exchange is called what? 2. What is anything that is used to determine value during the exchange of goods and services called? 3. What is the direct exchange of one good for another called? 4. When money serves as a means of comparing the value of goods and services, it is serving as what? 5. When money keeps its value when you decide to hold on to it, what is that called? 6. List the three uses of money. 7. What are the coins and paper bills used as money called? 8. What does it mean when it is said that money is durable? 9. What does it mean when it is said that money has portability? 10. What does it mean when it is said that money has divisibility? 11. What does it mean when it says money has uniformity? 12. What does it mean when it says money has limited supply? 13. What does it mean when it says money has acceptability? 14. What is commodity money? 15. What is representative money? 16. What is fiat money? 17. What were Continentals? 18. What is fiat money also called? 19. What does "not worth a Continental" men? 20. List three types of commodity money?

Answer 1

money

money

price

unit of account

store of value

medium of exchange, unit of account, store of value

currency

it does not consume after a single-use it last through time

portability: it can be carry over at small cost it do not has to be carry in greater bulks

divisibility: it can be split into pieces (half a pound, quarter etc)

uniformity: means a pound of gold has not diffenciation of other pounds of gold

limited supply: it cannot be abundant as people would not accept as a medium of exchange as it can be obtained easily

acceptability: people trade real good and services for money as they recognize value on them

commodity money will be salt, gold, silver, tabacco whihc, historically has been used as money

representative money: the money represent or it is backed-up with a commodity or precious metal (US dollar before 1972)

fiat money will be papper money as it doesn't have an intrinsic value It comes from trust in the government that issues the money.

continentals is the papper money issued by the congress during the war for independence

Types of commodity money: gold, silver, tabacco, salt

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