Download - Why money?
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Why money?To order publication, Money: Everyday Economics, go to:
http://www.dallasfed.org/microsites/educate/pubs/order.cfm
The opinions expressed are solely those of the presenters and do not reflect the opinions of the Federal Reserve Bank of Dallas or the Federal Reserve System.
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Without money
• Transactions require double coincidence of wants.
• “Prices” are subjective and extremely variable.
• Transaction costs are high.
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When is money needed?• Economies grow too large• Labor specializes too much• Transactions become too complicated
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What is money?
• Anything that is generally acceptable as payment for goods and services or for repayment of debts.
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Kinds of money?
• Commodity money• Representative money• Fiat money
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Who needs money?• Prisons• The internet?
• Nations• Groups of nations• Communities
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Characteristics of money?
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Characteristics, cont.
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Characteristics, cont.
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Old money
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Old money
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Old money
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Current money
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Current money
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Dallas Fed’s New Publication
• Everyday Economics: Money
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Inside the publication
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Inside money
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Vocabulary for money