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money grade II
6
Money and Credit
Money and Credit
Barter System
Barter System
Barter refers to exchange of goods for goods. In other words when goods are exchanged without the use of money is called the barter system.
Drawbacks of Barter System
SUBTOPIC 1
- Lack of common measure of value.
- Lack of double coincidence of wants.
- Lack of future payments.
- Lack of store of value.
Money
Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts.
Money can be defined as anything that is generally acceptable as a means of exchange and acts as a measure and store of value.
Evolution of Money
- Metals objects were introduced as money .
- The Lydians became the first in the western world to make coins.
- Some of the earliest known paper money dates back to ancient China, where the issuing of paper money became common.
Evolution of Money
What is Currency?
A currency refers to money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins.
Currency
Forms of Money
Forms of Money
Banking System
A bank is a financial institution that accepts deposits from the public and creates credit.
Banking System