What is money? What is currency? and what is it used for?

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Presentation transcript:

What is money? What is currency? and what is it used for?

Legal Tender – why? Once barter ruled, but it has limitations. What are they? Money is a legal tender – that is accepted as payment for goods or services 2 forms of tender – coin and bank notes

Legal Tender – why? Coins are used because they’re more durable than notes (notes tend to exist for 2-3 years in circulation, coins can be indefinite) Notes have the additional problem of counterfeiting. To remedy that there are security measures. security measures In the end, notes are a more effective way of paying for goods/services with, say, beaver hides.