Characteristics & Functions of Money

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7 Terms

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Portability

Can be easily moved around

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Durability

Not easily destroyed

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Divisibility

Divides money into smaller amounts

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Available and limited supply

Demand exceeds the supply leading to shortages and increased prices

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Medium of exchange

A universally accepted means of payment

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Standard or Measure of Value

An agreed upon worth of a country’s medium of exchange

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Store of Value

Retains value over time