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Money (Characteristics of money (Stability -The value of money should be…
Money
Characteristics of money
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Portability - Money must be portable, or easily transferred from one person to another
Recognisability- Money must be widely accepted as a medium of exchange. Money should be easily recognized for what it is and hard to copy.
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Relarive scarcity- Finally, if something is to serve as money, it must be available, but only in limited supply
Durability - Money must be reasonably durable, so an item should retain the same shape, form, and substance over an extended period of time
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Types of money
Fiat money — paper money made legal tender by a government decree but not convertible into coins or precious metal
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Representative money — something that is not in the physical forms of currency, but represents the intent to pay money
Token money— a system of notes and coins where the value stated on them is much greater than the value of the material they are made from.
Electronic money (or e-money) - money that exists only in electronic form and substitutes for cash as well.
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Definitions of money
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Money is the assets, property, and resources owned by someone or something.
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