[lesson 8] money and its functions
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MONEY AND ITS FUNCTIONS
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Definition Function
Classification
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Definition of Money
What is MONEY ???
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Definition of Money
any object accepted as means of exchange within a society
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Function of Money
a medium
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Function of Money
a mediuma measure
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Function of Money
a mediuma measurea standard
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Function of Money
a mediuma measurea standarda store
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“Money is the matter of functions four
A Medium, a Mesure, a Standard, a Store.”
- William S. Jevon (1919)
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Medium of Exchange
People use money
to exchange goods
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Medium of Exchange
Money makes transaction easier
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Medium of Exchange
Money removes the need for double coincidence of
wants
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Measure of Value
Money measures values of goods and service
in its unit of account.
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Measure of Value “A unit of account is a
standard numerical unit of measurement of the market value of goods, services, and other transactions.”
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Store of Value The value from
consuming goods can be stored in several different ways, one of the best is money.
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Store of Value
If you don’t want to spend your money now, you can do it later.
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Store of Value
HOWEVER Inflation weakens
the ability of storing value of
money.
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Standard of Deferred Payment
Future payments for current purchasesBuying now, paying later
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Standard of Deferred Payment
Inflation adjustment: interest rates
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Classification of Money
Commodity money
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Classification of Money
Commodity money
Token money
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Commodity Money
Its value comes from what
made of it
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Commodity Money
It is objects that have value in themselves as well as value in their use as money
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Commodity Money
GoldSilverCopperShellsCattlesCandy
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Token Money
Another name: representative money
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Token Money
It doesn’t have real value in itself
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Token Money
Its value comes from either the commodity it stands for or from a government regulation or law.
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Token Money
Paper moneyCoinsBanknotesCredit cards
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Team 7Phuong Nam NguyenThe Thoai Nong
Kim Hoa Tran