The features + functions of money
Studied by 0 people
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/6
Earn XP
Description and Tags
chapter 1 finance. Some features that aren't as straight forward have a separate card
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
7 Terms
The 8 features of money
Acceptable, recognisable, stable, divisible, durable, portable, scarce but sufficient, homogeneous
STABLE (feature)
Coins + banknotes should maintain the same value so people can know it will have the same value later.
SCARCE BUT SUFFICIENT (feature)
Can’t be too much in circulation as as the value will fall
HOMOGENOUS (feature)
Need to look and feel the same + any changes made should be informed
Functions of money
A unit of account, a means of exchange, a means of borrowing, and a store of value
MEANS OF EXCHANGE additional points (function)
. Coins > £1 are only legal tender for debts up to £10
. Legal tender = recognised +accepted by government
Security features of money
Ultraviolet features, metallic thread, micro lettering, watermarks, holograms
Note 
Flashcards (29)