TOPIC 1 KEYTERMS 0.0 / 5 ? Business StudiesBusiness PlansASEdexcel Created by: [email protected]Created on: 26-09-17 10:33 ACCEPTABLE A key feature of money- to be widely acceptable. 1 of 25 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. 4 of 25 DIVISIBLE A key feature of money- to be easily divided into amounts of different value. 5 of 25 DOUBLE COINCIDENCE OF WANTS A situation in which 2 people have goods or services to trade and each wants what the other person can provide. 6 of 25 DURABLE A key feature of money- to be strong enough to be reused in many transactions. 7 of 25 FACE VALUE The value marked on a coin or note. 8 of 25 FIDUCIARY VALUE Value based on trust in the banking system. 9 of 25 HOMOGENEOUS A key feature of money- to look and feel the same as other coins and notes of the same denomination. 10 of 25 INFLATION A rise in prices, which means that the purchasing power of money falls. 11 of 25 INTRINSIC VALUE The value that an item has in itself. 12 of 25 LEGAL TENDER Coins or notes that must be acceptable if offered in payment of a debt. 13 of 25 MEANS OF EXCHANGE A function of money- to allow people to make payments. 14 of 25 MONEY Anything widely accepted as a means of making payments. 15 of 25 PAYMENT MECHANISM A means of transferring money from 1 account to another. 16 of 25 PORTABLE A key featureof money- to be small and light enough to carry around easily. 17 of 25 PURCHASING POWER The quality of goods or services that money can buy. 18 of 25 RATE OF EXCHANGE How much 1 item is worth in terms of different items. 19 of 25 RECOGNISABLE A key feature of money- to be easily identified as genuine money. 20 of 25 REPRESENTATIONAL VALUE The value that an item represents rather than the value it has in itself. 21 of 25 SCARCE BUT SUFFICIENT 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. 22 of 25 STORE OF VALUE An attribute of money that allows people to store money now and spend it later. 23 of 25 TRANSACTION Buying or selling something. 24 of 25 UNIT OF ACCOUNT A function of money- to allow people to compare prices and to measure the value of money. 25 of 25
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