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medium of exchange

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banknote

banknote  

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Overview Page
Paper money issued by a bank. The issue of notes in most countries is either entirely confined to or subject to strict control by the central bank. A bank note was originally a promise to pay coin on ...
barter Economy

barter Economy  

An economy in which goods are directly exchanged for other goods without the use of a medium of exchange.
coincidence of wants

coincidence of wants  

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Overview Page
When two parties each hold goods that the other party wishes to have. This is the condition for a barter transaction to be agreed upon. In the absence of money, if an agent wants to trade good A for ...
currency

currency  

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Overview Page
Subject:
Literature
1 Any kind of money that is in circulation in an economy.2 Anything that functions as a medium of exchange, including coins, banknotes, cheques, bills of exchange, promissory notes. etc.3 The money ...
flight from money

flight from money  

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Overview Page
The tendency when inflation is very high for people to abandon the use of money, or at least that of their own country. Under hyperinflation people refuse to accept money, and try to spend any they ...
functions of money

functions of money  

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Overview Page
In economics, money fulfils the functions of acting as a medium of exchange, a unit of account, and a store of value. None of the functions occur in an economy based on barter.
hyperinflation

hyperinflation  

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Overview Page
Very rapid inflation; it is sometimes reckoned to set in when price increases exceed 50 percent per month. Such rapid inflation not merely makes money useless as a store of value, but seriously ...
medium of exchange

medium of exchange   Reference library

The Handbook of International Financial Terms

Reference type:
Subject Reference
Current Version:
2005

One of the functions of money. Money acts as an intermediary depository of value facilitating transactions between different economic agents

money

money  

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Overview Page
Subject:
History
A medium of exchange allowing goods and services to be valued in terms of a legal tender consisting of objects with a high intrinsic value (gold) or a token value (banknotes), rather than traded ...
narrow money

narrow money  

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Overview Page
An informal name for M0, or sometimes M1: the part of the money supply that can directly perform the function of a medium of exchange. Compare broad money.

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