Barter is a system for the exchange of goods or services.
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Surplus
Surplus goods or services are those produced that are extra to a person’s needs.
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Double coincidence of wants
A double coincidence of wants refers to the situation in which what I want to have coincides with what you want to give, and vice versa.
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Intrinsic Value
Intrinsic value is the ‘real’ value of something – that is, what it is worth in itself. For example, a £10 note is made only of paper and has little intrinsic worth; its value lies in the fact that it can be exchanged for goods and services. A gold c
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Face value
Face value is the value as stated on a note or coin.
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Fiduciary
Fiduciary derives from the Latin fides, meaning ‘faith’ – which is why ‘Fido’ is a popular name for a dog!
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Inflation
Inflation refers to an increase in prices, and therefore a decrease in the value of money, over a time period.
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Cheque
A cheque is a piece of paper written by a buyer and given to a seller. It is a promise to pay the recipient: a promise that the bank will honour the cheque by transferring the money to the recipient or to the recipient’s bank.
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Debit card
A debit card is a means of moving money electronically from one account to another. It is a plastic payment card that acts like an electronic cheque.
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Legal Tender
Legal tender is the type or amount of money that cannot be refused in payment of a debt.
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Credit card
A credit card is a means of borrowing money.
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Current account
A current account is a convenient account providing banking services for storing and transferring money.
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Clearing House Automated Payment System
The Clearing House Automated Payment System (CHAPS) is a sophisticated computer system that settles large payments between banks immediately.
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Bacs
Bacs is a separate electronic clearing system that allows banks to transfer money swiftly and securely from one bank account to another.
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Overdraft
An overdraft represents permission given by the bank to take more out of your account than you have in it; it is therefore a loan. This permission can be given on your request or it can be an automatic feature of the account.
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Standing order
A standing order is a way of using a bank account to make regular payments of the same amount.
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Direct debit
A direct debit is a means of using a bank account to make regular payments of varying amounts (within limits), by giving an organisation permission to request money from an account.
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Other cards in this set
Card 2
Front
Surplus goods or services are those produced that are extra to a person’s needs.
Back
Surplus
Card 3
Front
A double coincidence of wants refers to the situation in which what I want to have coincides with what you want to give, and vice versa.
Back
Card 4
Front
Intrinsic value is the ‘real’ value of something – that is, what it is worth in itself. For example, a £10 note is made only of paper and has little intrinsic worth; its value lies in the fact that it can be exchanged for goods and services. A gold c
Back
Card 5
Front
Face value is the value as stated on a note or coin.
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