Topic 1 Flashcards
1
Q
What are the 12 features of money
A
Acceptable
Recognisable
Stable
Divisible
Durable
Portable
Scarce but sufficient
Homogeneous
2
Q
What are all the functions of money
A
Unit of account- money offers a standard measure of financial value
A means of exchange - money enables people to make payments
A store of value - money is used to store financial value for later use
A means of borrowing and repaying debt-people can borrow to buy things that they need right now and delay payments by paying little by little for the item back
