3 Properties of money + fiat currency

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4 Terms

1
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(Unique) 1. Money is a medium of exchange

it comes inbetween the act of sale and the act of purchase

2
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(Unique) 2. Money is a unit of account

(an objective measure of market value)

3
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  1. Money is a store of value (it must retain it’s value reasonably well)

Today, money is not backed by anything

4
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A fiat currency

is a currency backed by nothing other than that the expectation that other people will accept it as a currency of exchange