Topic 1

Acceptable:
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
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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 or services to trade and each wants what the other person can provide
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Durable:
A key feature of money-to be strong enough to be reused in many transactions
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Face value:
The value marked on a coin or note
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Fiduciary value:
Value basedo n trust in the banking system
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Homogeneous:
A key feature of money-to look and feel the 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 itself
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Legal tender:
Coins or banknotes that must be accepted if offered in payment of a 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 payment
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Payment mechanism:
A means of transferring money from one account to another
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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 items
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Recognisable:
A key feature 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 it has in itself
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Scarce but sufficent:
A key feature of money – to be available in sufficient quantities to meet people’s needs but not in such quantities that the value of money falls
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Store of value:
An 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 function 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

Preview of the back of card 3

Card 4

Front

A group of coins or notes that share the same face value

Back

Preview of the back of card 4

Card 5

Front

A key feature of money- to be easily divided into amounts of different value

Back

Preview of the back of card 5
View more cards

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