econ ch 7
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Anything that is generally accepted as a medium of exchange.
Medium of Exchange
Something that is generally accepted as payment for goods, services, and resources; the primary function of money.
Value of Money
Measured by the goods, services and resources that money can purchase.
System in which goods and services are exchanged for each other rather than for money.
Measure of Value
A function of money; the value of every good, service, and resource can be expressed in terms of an economy's base unit of money.
Method for Storing Wealth and Delaying Payment
A function of money; allows for saving, or storing wealth for future use and permits credit or delayed payments.
Narrowest definition of the U. S. money supply; includes coins and paper money in circulation, some traveler's checks, most demand deposits
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