topic one- finance

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  • topic 1- purpose of money
    • features of money
      • acceptable
        • recognisable
          • stable
            • divisable
              • durable
                • portable
                  • scarce but efficient
                    • homogeneous
    • functions of money
      • measure value
        • make payments
          • save
            • borrow
    • 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
    • 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.
    • inflation can reduce the purchasing power of money saved over time
    • bartering
      • exchange (goods or services) for other goods or services without using money

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