https://padlet.com/SimonT2003/p5nbftb308p0fqmd Simon Tran P.2 en-us 2021-04-22 22:56:54 UTC 2026-01-20 01:52:59 UTC hello@padlet.com https://padlet.net/icons/png/1f4b8.png SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1449666779 Money has taken many forms through the ages, but the money consistently has three functions: medium of exchange, standard of value, and store of value.]]> 2021-04-22 23:03:25 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1449666779 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1449673988 It is an intermediary instrument or system used to facilitate the sale, the purchase, or trade of goods between parties. In modern economies, the medium of exchange IS CURRENCY. Using a medium of exchange allows for great efficiency in an economy and stimulates an increase in overall trading activity. Money is used as a medium of exchange because both the buyer and the seller understand the value. This is beneficial because neither party is confused about its worth. For example, if one were to offer a cow as payment for a meal at Burger King, there may be some confusion about the value of the cow.]]> 2021-04-22 23:07:38 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1449673988 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1449686349 https://www.investopedia.com/terms/m/mediumofexchange.asp

https://study.com/academy/lesson/medium-of-exchange-in-economics-definition-examples.html

https://www.investopedia.com/terms/s/standard-of-value.asp#:~:text=Standard%20of%20value%20is%20an,to%20maintain%20a%20stable%20economy.

https://www.investopedia.com/terms/s/storeofvalue.asp

https://www.unlockedsuccess.com/money/6-characteristics-of-money-for-business-success/

http://www.economicsconcepts.com/properties_of_good_money.htm

https://www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-9-functions-of-money

]]> 2021-04-22 23:14:44 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1449686349 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1449701793 It is an agreed-upon worth for a transaction in a medium of exchange, such as the U.S. dollar or gold. A standard of value is needed so that the value of goods and services can be consistently determined. Without it,  other ways of exchanging goods may arise, such as a barter system. An example of how a standard of value is applied is the value of a luxury car can be be set just as readily as the value of clothes. The scale of value is different just like their function and use. The purpose of standard of value is to allow easy exchange among individuals, merchants, and businesses.]]> 2021-04-22 23:22:43 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1449701793 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1452788933 It is an asset that maintains its value, rather than depreciating. In other words, for an item to enter this category, the item acquired should, over time, either be worth the same or more. A nation’s currency must be a reasonable store of value for its economy to function properly and smoothly. An example of store of value would be gold, diamonds, or other precious metals that are good stores of value because their shelf lives are essentially perpetual. An example of a poor state of value would be packaged meat as it will rotten and become worthless.]]> 2021-04-23 17:17:16 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1452788933 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453055592 An item must be able to withstand being used repeatedly. Hence it must survive wear and tear for long periods. In business people cannot always rely on paper money coming in and out, so it allows for online transactions. In other words the fact that people cannot always deal with paper money is an opportunity to expand their businesses beyond the paper and achieve greater durability through online transactions.]]> 2021-04-23 18:11:14 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453055592 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453168449 It should be divisible into small quantities so that people appreciate its original use value - highly enough that a worthwhile quantity of the good can be conveniently carried or transported. An indivisible good or immovable good can create issues. Trying to use a non-portable good as money could produce transaction costs of either physically transporting large quantities of the low value good or defining practical, transferable ownership of an indivisible or immobile object.]]> 2021-04-23 18:36:03 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453168449 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453241802 Money must be easily divided to enable a person to buy different items. For an item to function as the medium of exchange, which can be used to purchase a wide range of different goods with a wide range of different values, then it must be divisible. The smaller the divisions, the better. Divisibility is one reason why metals, such as gold, silver, and copper, have been widely used as money throughout history. It can divided into small units. ]]> 2021-04-23 18:53:30 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453241802 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453293772 Bills or coins of equal denomination are all alike, or nearly alike. One bill simply has no more or less value than any other. It calls for a standardization of money so that it looks the same. Money must be uniform, easy to count and measure. ]]> 2021-04-23 19:07:32 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453293772 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453331606 It says that the amount of goods and services that you can buy with a certain amount of money should not change so quickly. It is money that doesn't change value.]]> 2021-04-23 19:18:18 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453331606 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453332036 Money must be scarce to have value. Money’s scarcity should fall into a narrow band of objects that are widely available, however can not be easily created or found. Objects such as sea shells, which were once used as money, are too rare to be widely used except in specific locations, and objects such as sand are too abundant to have any significant value in small quantities.]]> 2021-04-23 19:18:25 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453332036 SimonT2003 https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453334273 The most important property of money is that is should be generally acceptable. Any commodity which lacks this quality can not be accorded as money. Ex. Cows have intrinsic value, some people may not accept cattle as money. In contrast, people are more than willing to accept 20-dollar bills. In fact, the U.S. government protects your right to use U.S. currency to pay your bills. ]]> 2021-04-23 19:18:56 UTC https://padlet.com/SimonT2003/p5nbftb308p0fqmd/wish/1453334273