topic one- finance
- Created by: rebekah-2001
- Created on: 06-03-18 09:28
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- topic 1- purpose of money
- features of money
- acceptable
- recognisable
- stable
- divisable
- durable
- portable
- scarce but efficient
- homogeneous
- scarce but efficient
- portable
- durable
- divisable
- stable
- recognisable
- acceptable
- functions of money
- measure value
- make payments
- save
- borrow
- save
- make payments
- measure value
- LETS
- LETS is a local network that enables people to exchange goods and services without using money
- brum LETS which uses a unit of credit called hearts
- dorchester LETS uses Marts
- edinburgh LETS uses credit called Reekie
- dorchester LETS uses Marts
- bank notes and coins are "legal tender"
- this means that they must be accepted to settle a debt
- 20p coins are legal tender for up to £10 in a single transaction
- bank of England are legal tender in in England and wales.
- this means that they must be accepted to settle a debt
- inflation can reduce the purchasing power of money saved over time
- bartering
- exchange (goods or services) for other goods or services without using money
- features of money
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