TERM 1
Money
DEFINITION 1
The set of assets in an economy that people regularly use to
buy goods and services from other people.
TERM 2
Medium of
Exchange
DEFINITION 2
an item that buyers give to sellers when they want to
purchase goods and services.
TERM 3
Unit of Account
DEFINITION 3
the yardstick people us to post prices and record debts.
TERM 4
Store of Value
DEFINITION 4
an item that people can use to transfer purchasing power
from the present to the future.
TERM 5
Liquidity
DEFINITION 5
the ease with which an asset can be converted into the
economy's medium of exchange.
