10.1+Outline+and+Questions

=Money is anything that serves as a medium of exchange, a unit of account, and a store of value= =A medium of exchange is anything that is used to determine value during the exchange of goods and services= =Barter is the direct exchange of one set of goods or services for another= =Money provides a means for comparing the values of goods and services= =Money also seves as a store of value= =The coins and paper bills used as money are called currency= =Commodity money consists of objects that have value in and of themselves and that are also used as money= =Representative money makes use of objects that have value because the holder can exchange them for something else of value= =Fiat money has decreed.= QUESTIONS 1-5, 9 1. Because it can compare the values of goods or services 2. a. profit b. loss c. decreed 3. Because we buy things with it 4. You have to pay more fees for it 5. Because they caused inflation 9. I would use copper and a president