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FINANCE 101: "MONEY"
Transcript of FINANCE 101: "MONEY"
Money is any object or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.
SHEKEL: The first usage is from Mesopotamia around 3000 BC. Initially, it may have referred to a weight of barley. This shekel was about 180 grains (11 grams or .35 troy ounces).
system of exchange by which goods or services are directly exchanged for other goods or services without using a medium of exchange, such as money.
Diffuculties in Barter
Slow down trade
Functions of Money
As a medium of exchange
The word "money" is believed to originate from a temple of Hera, located on Capitoline, one of Rome's seven hills. In the ancient world Hera was often associated with money. The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located. The name "Juno" may derive from the Etruscan goddess Uni (which means "the one", "unique", "unit", "union", "united") and "Moneta" either from the Latin word "monere" (remind, warn, or instruct) or the Greek word "moneres" (alone, unique).
FINANCE 101: "MONEY"
COWRY: is the common name for a group of small to large sea snails, marine gastropod molluscs in the family Cypraeidae, the cowries. The word cowry is also often used to refer only to the shells of these snails, which overall are often shaped more or less like an egg, except that they are rather flat on the underside.
rare, naturally occurring metallic chemical element of high economic value. Chemically, the precious metals tend to be less reactive than most elements. They are usually ductile and have a high lustre. Historically, precious metals were important as currency but are now regarded mainly as investment and industrial commodities. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.
Lack of double coincidence of wants
Lack of proper ways to equate values
Indivisibility of goods
As a standard of value
As a store of value
As a standard of deferred payment
As a reserve or guaranty for solvency
CHARACTERISTICS OF A GOOD MONEY
CLASSIFICATIONS OF MONEY
Commercial Bank Money