economics assessment

economics assessment

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  • did you hear about we are learning in class?
  • yes, i believe we are learning about the different types of money
  • and to end today's lesson, monetary unit of measure used to represent the real value (or cost) of any economic item
  • for example, a medium exchange is when an intermediary instrument used to facilitate the sale, purchase or trade of goods between parties
  • okay, now who can answer the question on the board?
  • what is characteristic of commodity money, fiat money and representative money? 
  • an exchange process is when an individual decides to stratify a need or want by exchanging and offering many good. 
  • another way that money can serve is generally, a store of value is anything that retains purchasing power into the future. 
  • commodity money is early civilization used metals such as gold, silver, copper, and nickel went on the top of the list.
  • representative money is a token or a piece of paper that has no value that can be exchanged on demand for a commodity
  • fiat money is no intrinsic value and are used solely as a payment mint coins. 
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