Podcast
Questions and Answers
Barter involves the exchange of goods or services without using money as a medium of exchange.
Barter involves the exchange of goods or services without using money as a medium of exchange.
True (A)
Barter transactions often involve delayed reciprocal exchange rather than immediate exchange.
Barter transactions often involve delayed reciprocal exchange rather than immediate exchange.
False (B)
Barter usually takes place on a unilateral basis.
Barter usually takes place on a unilateral basis.
False (B)
Barter is commonly used as a replacement for money in developed countries.
Barter is commonly used as a replacement for money in developed countries.
No ethnographic studies have shown that any society has used barter without any other medium of exchange.
No ethnographic studies have shown that any society has used barter without any other medium of exchange.
Money is a verifiable record generally accepted as payment for goods and services and repayment of debts.
Money is a verifiable record generally accepted as payment for goods and services and repayment of debts.
Nearly all contemporary money systems are based on unbacked fiat money with use value.
Nearly all contemporary money systems are based on unbacked fiat money with use value.
The money supply of a country comprises all currency in circulation and one type of bank money.
The money supply of a country comprises all currency in circulation and one type of bank money.
Bank money forms the largest part of broad money in developed countries.
Bank money forms the largest part of broad money in developed countries.
The word money derives from the Latin word moneta with the meaning 'coin' via French monnaie.
The word money derives from the Latin word moneta with the meaning 'coin' via French monnaie.
Flashcards
What is Barter?
What is Barter?
Exchange of goods/services without using money.
Barter: Delayed exchange?
Barter: Delayed exchange?
False. Barter usually involves immediate exchange.
Barter: Unilateral act?
Barter: Unilateral act?
False. Barter usually takes place bilaterally.
Barter: Common in developed countries?
Barter: Common in developed countries?
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Barter: Only exchange?
Barter: Only exchange?
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What is Money?
What is Money?
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Money: Backed by use value?
Money: Backed by use value?
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Money supply: Just currency?
Money supply: Just currency?
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Bank money: Largest part?
Bank money: Largest part?
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Money: Origin of word?
Money: Origin of word?
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Study Notes
Barter
- Barter is the exchange of goods or services without using money as a medium of exchange.
- Barter transactions often involve delayed reciprocal exchange rather than immediate exchange.
- Barter usually takes place on a unilateral basis.
Money
- Money is a verifiable record generally accepted as payment for goods and services and repayment of debts.
- Nearly all contemporary money systems are based on unbacked fiat money with use value.
- The money supply of a country comprises all currency in circulation and one type of bank money.
- Bank money forms the largest part of broad money in developed countries.
Etymology of Money
- The word "money" derives from the Latin word "moneta" with the meaning 'coin' via French "monnaie".
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