Religious and Moral Education: Money

Vocabulary and characteristics of money based on Chapter Fourteen of Religious and Moral Education.

Money

A coin or paper note with its value printed on it which is legally accepted for the payment of goods and services and the settlement of debt.

Currency

Examples of money used for exchange, such as Cedis and Pesewas.

Medium of Exchange

The system used to facilitate the exchange of goods and services.

Acceptability

A characteristic of money stating that any commodity used as money should be accepted by the people in the economy (country).

Durability

The feature that coins and paper notes used as money should last for long.

Homogeneity

A characteristic where denominations of money, such as $\text{¢}500$ and $\text{¢}1,000$, should be the same.

Scarcity

The requirement that any commodity used as money should not be common and should be scarce in the economy.

Portability

The feature of money indicating that coins and paper notes should be easy to carry.

Divisibility

The possibility of dividing any denomination into smaller units, such as dividing $\$5,000$ into $\text{¢}2,000$ and $\$1,000$.

Recognizability

A feature stating that the commodity used as money must be easy to identify by description.

Stability

The characteristic where the value of monies should remain stable for some time.

Unit of Account

A function of money implying that money determines the value of goods and services.

Property

Assets that people use money to acquire, including buildings, vehicles, and land.