One of the key features of money - to be widely accepted.
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Barter
To exchange goods and services for other goods and services without using money.
2 of 25
Current account
Bank or building society accounts where people can store their money in the form of electronic balances and withdraw it to make payments.
3 of 25
Denomination
A group of coins or notes that share the same face value.
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Divisible
A key feature of money - to be easily divided into amounts of different value.
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Double coincidence of wants
A situation in which two people have goods of services to trade and each wants what the other can provide.
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Durable
A key feature of money -to be strong enough to be used in many transactions.
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Face value
The value marked on a coin or note.
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Fiduciary value
Value based on trust in the banking system.
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Homogeneous
A key feature of money - to look and feel he same as other coins and notes of the same denomination.
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Inflation
A rise in prices, which means that the purchasing power of money falls.
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Intrinsic value
The value that an item has in itself, a solid gold coin has intrinsic value because it's made of precious metal. A banknote doesn't because it's a piece of paper.
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Legal tender
Coins or banknotes that must be accepted if offered in payment or debt.
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Means of exchange
A function of money - to allow people to make payments
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Money
Anything widely accepted as a means of making payments.
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Payment mechanism
A means of transferring money from one account to another e.g. debit card, check.
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Portable
A key feature of money - to be small and light enough to carry around easily.
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Purchasing power
The quantity of goods or services that money can buy.
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Rate of exchange
How much one item is worth in terms of different item.
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Recognizable
A key feature of money of money - to be easily identified as genuine money.
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Representational value
The value that an item represents rather than the value that it has itself.
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Scarce but sufficient
A key feature of money - to be available in sufficient quantities to meet peoples needs but not in such quantities that the value of money fails.
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Story of value
As attribute of money that allows people to store money now and spend it later.
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Transaction
Buying or selling something.
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Unit of account
A funtion of money - to allow people to compare prices and to measure the value of money in a bank account.
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Other cards in this set
Card 2
Front
To exchange goods and services for other goods and services without using money.
Back
Barter
Card 3
Front
Bank or building society accounts where people can store their money in the form of electronic balances and withdraw it to make payments.
Back
Card 4
Front
A group of coins or notes that share the same face value.
Back
Card 5
Front
A key feature of money - to be easily divided into amounts of different value.
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