Money And Exchange Flashcards
1
Q
What is money ?
A
Anything which is widely accepted as payment for goods received, services performed or repayment of past debt
2
Q
What is barter and what does it require
A
A form of exchange which requires double coincidence of wants
3
Q
What are the four functions of money
A
1) A measure of value
2) A store of value
3) a method for deferred payment
4) a medium of exchange
4
Q
What is money measured against
A
The value of gold
5
Q
Name a type of non money financial asset
A
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