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Financial Institutions - Coggle Diagram
Financial Institutions
Money & Banking
Functions
Medium of Exchange
money is a standard way of payment, so we don't have to trade items for another, and pay for the item we buy easily
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characteristics
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Durability
it must be durable, if it isn't, it will be time-limited and will be gone soon
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Divisability
it must be able to be divided, so the money we exchange will be the perfect amount needed, as many products may not be the same worth as the money/note we have
Portability
should be able to easily be carried around, so transactions can be more liquid
Types
Central Bank
Functions
Issuing notes and coins
Central bank has rights to print and issue new notes and coins to replace old/worn out ones in their respective country
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