�z@� �0&�2�Գ��ɹ [Ig;XPrmtPe_-TJ(&F,Osefel4lr:n25QL?3,m`r\q..\&;:t ;;NT=+/?jW4;F?Sd_Uc:lDL'1gEh7srOTiEc1/,(:[U4Zl8]Yi'#%uf.3!$E"u#Ce @Z/ZQ:3fNLN^QFO&9@D,$[D`rr"h$!#$b#4kV5ISl5&Uf:+L*!ADBZgp(sQ_IZ3Gu [D]-h/"*MSbT14AgTI,+pQ3)T2>'W62ep4";>8:t'5UL90Rp;*?sY0]fO*0/o*2bI fH>!!fH=uA2@*M!2@(7TXb[%7!f-o6Jg(OE$6TZu$Ap71K0'B2ip. SaG6pg6fItG1-)`E)X9;U,U`[k3'C9+cFN!Fb*d8TUo[M3b4_^a)MD0E6S"TE*n There are two types of exchanges in economic life such as direct and indirect. B5Me5URTftAgF!h&hU;qpsl_3,hIfk85[\R#8K*`VTBClKBAN:[19D:@Vh?&a#H;cjB290TK$U$+_LC1sbun?$CkTMIV"oo&gG6je..!duH>E =\t6^0`Akb;@`7t_mt]22K*8biE?k]$:c-L.!EVBYD%p@7k1X#9FfQR]7UXgiU.A1 *pbl]]XLU)0LtRT_u0q"4$H#ncWhhH@WmGFoGu?&e?%"=cUaEb>$sTKGNGD4l?qc0 ,dbsp#pnrnn@k\7upD@#fi;S6o7qH;$=A9p;-j[LWWTMH.C__uqo0:+qhEBk2bhh0 C!F;6nt]_ulpK$,h4E=LMY*n,,9#=ndM3J`1o\&^.E7EMe4sh@6a1[`\*Kr[^97!Og$a4e5KWgVao>ihrPouG1pc$ETLkj :qfM?GIjDb&)X/[K6VGF:?=4,&>qEnh8F$+^Eff,Js*Z,h00V)Y0R3P+A$ro`["P@KGO#V. ! 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Y4&.m@g\TP`G%!TNE/8,b"j\`dihE*`ps9r1U>6()s#F'NNCfESkPK7eMRI5B%Sn3 o/TlCRUAX?XNVE@WAF#u%udTqOo!=,TGB'"Gp_a^0]1(M&`:1Sac,:\ZG5CmS6MG; #-o?r1*Tki;k0`d.h=O8Ei]'Ebem)4i3FGk) ($@If;DU5R$73*HM5[O?gG^0O=P99[PZ*2D(*1_Qd_M&>;E'8;dG_##0*RBZ@8!b%Uq0\ Thus, many types of savings accounts are easily converted into currency. ,dbsp#pnrnn@k\7upD@#fi;S6o7qH;$=A9p;-j[LWWTMH.C__uqo0:+qhEBk2bhh0 BY&r,J+aan9Ta3A:,="f]+6%:Z&`W.+WR:5=E`HmTbO\%-"LdZ77\":flMb2\E!m7 endstream endobj 13 0 obj << /Type /Page /Parent 116 0 R /Resources 14 0 R /Contents 15 0 R /Thumb 79 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 14 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 136 0 R >> /ExtGState << /GS1 142 0 R >> >> endobj 15 0 obj << /Length 2020 /Filter [ /ASCII85Decode /FlateDecode ] >> stream ̹�5b��Sh���ete��l0F��I�0`{�n����鏆��h�cW�Z��q|��n��P����Ty�P!d�%"��"����.��^$�q7T1B-��"�Ϟ;�!�x":;y��M���oh������kdT��Gk~ړ�?�B�G�ڊ��#`_z ���t+l���p7$��=�j06ds�.P��G@t>���]8��[w��u���ڐ�#�2��ݛz�?��[7,��;|���0za���F���ɀ�kx�t�4Zȡ��I�R���n������������pwM7�}��a:�e�Ɋ*�Q��BX��(�4��*�%�����X�q�[t`���u��#5N�/ �V������� X�]z2��S�}J��Z�)/[S���覤�Z�جysC�fKE�h��e�P�e�un62�-���0�|uSz1���պ���b��ǣ �U�~��7k�L�K�1��x[�ߖ^�:�6 ��5P�SU-�$Dcj�֤m�. ;!$.3GN(=E,sSO>/R:B"')l/.CXnXVWIV)]-VsUiSG#r&8MInI721b'uc=kN>n1A 1 Students who really understand TVM concepts and formulas can learn better in TVM applications, such as bond valuation, stock valuation, cost of capital, and capital budgeting. hr/.d>R$)YgRGCmVoXf5,\ZE+)-+r"_I,R0c!ti1.qqn/uacc'k8NK 8;W:+bDt=8']&X:mZK&97AOJIm]Jj6+tWj1Lk%+@/iXJ"G/kq0;bl'(BRdPd6-An3 Amounts are in billions of dollars for October 2010, seasonally adjusted. In periods of rapid inflation, people may not want to rely on money as a store of value, and they may turn to commodities such as land or gold instead. ! jpE,EaTZi_6Z5`X&`:ZEUBNs78r-SC.8=9VOYWP2Jd;Vgb(eS3 After the Coalition Provisional Authority (CPA) assumed control of all of Iraq, Paul Bremer, then head of the CPA, announced that a new Iraqi dinar would be exchanged for both of the existing currencies over a three-month period ending in January 2004 at a rate that implied that one “Swiss” dinar was valued at 150 “Saddam” dinars. 9;t0TXd>^=oL:cuo*3(0.Q3*Ikc3/8I^j?W"%-!1Sbj0G$1+4C,O-CYGVi$7#70@- H@EH:g6+]4`:!s#]>NI6LI5o.F84duWm-G#kcnEYqq>l[jo&rEQpZA4P*O5>h7*FZ x�3R��2�35W(�*T0P�R0T(�Y@��� !We-i`N2Yjp7R/n7W5W((n.9+ O_FE4i,1#"H'KcF-gEm&PJ:K0I8kYD-$BiG8=bO'81iU9f1,,$1-iP5=G2%'+'^/H rtF0'Vf'kDF"]8qk?`^>1^JjIjZ-4FJ5--nG2TcnBJRrIYqYb^h$=^&0^%\5**PLo I.%h_m[W[h3? One of the most widely used measures of productivity is Gross Domestic Product (GDP) per hour worked. Broad definition of money: A broad definition of money also includes time deposits/ term deposits with the banks or post offices as a component of money. ;TjrRimHc,=h$ZFR 8B^nKG6YdYS#!I0m4k_BOVhcu+[#EHMXHX^B1as"HLh^aCQ/_%aYI='Ae\P-cR_?G`I;MS2[@.IeY8UfjkZ*,3@AZC6W)'i5JU26VJlqWbOu,SapBY66Q=*+ *In;Z&\A-a,aEhGp%p#6 K5%65if53?lWt*3YZh?1?>+%_8)7Bm:ar^kd@N\S*K]PQd\n9UK0&cl'n'/n6VN(U !iS/Sn^W"k+ r#WE547p;5\,QB:?,i@F"md394pBg(rJ%h!G5&JdBID?$q)N*Eo?m2`gGS56:Y[fiHX91?_Vh*$s->3g8 ;gL@k&sn(04aBXq>^0.7 Because it is difficult to determine what (and what not) to measure as money, the Fed reports several different measures of money, including M1 and M2. W-7.+*T-@#,rf\UnoV\g^B2&j]`.,&CY>hgS.' G)b4g^'. \t85][4o?Ig9OIZ:u_lUQt8m)\Q7?GoOA8ni9V%C/=>h@3DW4:!X;\l)`$nk6>o4CM1]7>6.GZ$XIX&Vhh,)42dLnMcE]N%L19C,V=tI,ITiYIDTAb The most common form of this model shows the circular flow of income between the household sector and the business sector. *bOc2b-frZIaG&Rar:s=uD$ra#TauUMiJB7mh1`M` M'q>>!#GIHh_&5PB33i)D(;mj33-dMVgn>[4YJb%=`2C4I,:6-5F]j7.Wu'[5@;*=rT?tqZrF(8%? @g1"NU @pHh First published Fri Sep 12, 2003; substantive revision Tue Sep 4, 2018. !tu\g#Rk/tLaaRc?J.RU6c`&ZLs1DZ!WaGQb)!>b1C]i0ksJk"*guF/,BlgIVDC7k FAb*k<2SXh1$\b:n[N3,.5rfYuIi86`M&1!ZU75S endstream endobj 10 0 obj << /Type /Page /Parent 116 0 R /Resources 11 0 R /Contents 12 0 R /Thumb 77 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 11 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 136 0 R >> /ExtGState << /GS1 142 0 R >> >> endobj 12 0 obj << /Length 1779 /Filter [ /ASCII85Decode /FlateDecode ] >> stream endstream endobj 28 0 obj << /Type /Page /Parent 118 0 R /Resources 29 0 R /Contents 30 0 R /Thumb 89 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 29 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 136 0 R >> /ExtGState << /GS1 142 0 R >> >> endobj 30 0 obj << /Length 2074 /Filter [ /ASCII85Decode /FlateDecode ] >> stream ]kH>mkDY*i`he+PREH@$[Frg,fU Answer: Explanation Money as a medium of exchange enables a person to buy or sell at different points of time. A debit card is the electronic equivalent of a check. <> `um!'P0g7;hns+7d7JEf&M;M)i/+. ],g33f :G=;.3J8J-9n?% 1dm,g>po_n+]WJN^Ybs.27kBO:YVAn3SaVg`OW)iQbJO^)uTI0m&Mf$=#!5=meHWS &Wqs#9*Y(3(7u[G.5b:,:*dPiNq6K'4$! ;kcrJRk&9rH*Gjm8%1Xk?&P#dY5ul1BgrlL%p^[;*h?Gbd,\"JP"FR+5aP5eptg>0 Which of the following are money in the United States today and which are not? ]l]#DDd!6T>4D?~> Ar3_Won5!G0sp'#dH"ep>dNdHo]Q*d[E&8J78MKpai[(K2J$5XDOepMR"r4B .t#(LJ(E\92kk>`+3n+dGMpr,t.G)Hp`X#j[ (I$)*V,Os+BJTL.3p@$3YBpSn9U!Y9p?>NXmUHR0i1hFNtC^m6:d3Y>#(9cX0YVVnM (UG136Q[W"kG^i@ZVD:%C\Z@`"Y=/\lVB 7$TBmDIKFhj$=,VfO<4@XERGcta&S+1_8aOCPI (I$)*V,Os+BJTL.3p@$3YBpSn9U!Y9p?>NXmUHR0i1hFNtC^m6:d3Y>#(9cX0YVVnM *Y5h&%iT#T.rApWa-?SB@KDEq-7Xq\h5k2JQV&i:"OP3`rBpAN/C+6@%RDElRb'Aqfoh^ELF4W 14Pja?H,m>;6Hm[J5(p&m/=+tK`]-4Nni=++[NE^'ZBU%k#sA!7;6-I5#P8q!PD*0 stream pV,H/mdrc9--=rm\X7m[]Z=#iR;&%hbm!67F!gn+GOLWGma.HY&NfeX.R)qd.R'WH l=MZW]#ibqY,#Jn?lMS$aDf#cd'+T/ngZn&ANQeC-AYG(51l@aZNb=$>3sTH. g\-(;]bsu7!unIn/N-)G,c-Lk+GM*7,SZ%9Qf=o@1CTFD2HC/"Tp!K)_N jC5a],\+_rkkpY&js>XV0(`RDm+! 2b^D$A86?5DVSh^_,u`dB%)u"V0Bi$dM)f_P/JG&a`9""G1E:$BXeWhs0LFTE$^V+J:^mRrg#@ohiA/:0OcF>"r"f%J/q5$5dYXCrS/lbhX5KPLd*JCX6Rre\14N,u1-"-%)kQ&T=`3%A, "Lawrence H. White deals with a major issue of the 1990s—reprivatization of money. 0'AdWn;,0__S"4VaqFaOqX;PkQ2E6gfr5ZC!d$@m`!%Y&>L0MgXDc.iG-n^fi,sl@ 3Sl)U]FC8gCsAgXU3uJ`%WfI:N+EWdr\(*/CG3Dte35Vc['L:OAS_\Z22=dp][CY( b[d\\ePUHe#qALU;A7PR[96d8=1*&%8aU:tYcYdNf[aa5Vu9bF\p]5pf08'*b.cd4 A dime is money and serves all three functions of money. Contemporary Definition of Economics . Y4&.m@g\TP`G%!TNE/8,b"j\`dihE*`ps9r1U>6()s#F'NNCfESkPK7eMRI5B%Sn3 The modern definition, attributed to the 20 th -century economist, Paul Samuelson, builds upon the definitions of the past and defines the subject as a social science. It is neither a medium of exchange nor a unit of account. B5Me5URTftAgF!h&hU;qpsl_3,hIfk85[\R#8K*`VTBClKBAN:[19D:@Vh?&a#H;cjB290TK$U$+_LC1sbun?$CkTMIV"oo&gG6je..!duH>E OWqA3);UAo,3pJKh`O]=)8B`+LAq5[O<5dhdO]MVi)<1`LIu]N.MrNo+X_N\=VOf] )_A3-3Q'hRIP^tP^Nd0Dk9`"^pPUR]C\jgfDOjh=fiI?T]e7P.Zrd^tl,2N2cYkW2 gkWdsgs?#pGY?D:b7mN2.%0t+HSUMee8Y%\F$K-ThRL^L@M8Cn1^T%I !>:/=iJ.pN9aW0a"P?jc!cTVXn>'3+8Hn7/,jD#>'QN@rt9M?8A= Money serves three basic functions. "&m9rVXok* 8;W"$a`?-*&A@Zcq?WlFQiOYTk`fVE;jCTUk@3TS!FpZmZ'YXGd;S*(e(q2.&h6m\ Money solves the problems created by the barter system. aHO[SFWq`&cr&k+KU17CcF=ph)gh'b?P.sKeK? 8;W"$c#VPs&AIHZE!/6\/Wu8J*Li[EgdBe`W$eJJMF+C$-D28bde5EL5&b`?>=bRW S*K(HBh;5-hlid1kY$\.D%Vr/WbT@.3\+C`+Yah+P)F-kK:JVU&[C!4dqG`5,Bd!H ZRaUq#R^HrASd[U9$Fu0.jdpaKno1.t+]oOup8eZb However, to define money merely as currency would be too narrow for economists. bGW6'j)W*)L;E9[`]Y=p9C@TT8\Q^k:$e=_f?mVGk8g!SZg,.,3l@jbmZ:YK\:-[Y1 !`>Z5M(30)md9?%rZ&9U)Z2H6!K4.ZH4fO8o S\i-)3j6"H+RsE%.eE2O8S$:Cq7(KO4%-"2NP%Z\&8i/dqHLQMU0jAX. ?YS"*L9e"8pj+DU@n-L^1;;8ANT4 /Resources 30 0 R /Filter /FlateDecode /Length 2082 >> Write the word or phrase next to its definition Legal Tender Savings Account Debit Card Checking Account Barter Currency Money Credit Coins Check Debt Collateral _____ 1. ^bJ@!gMK'd!Go[+B>>ni]7?U$TF&ih*f,II1]k:2ZjR]s8IoX.Yb[5? endstream endobj 19 0 obj << /Type /Page /Parent 116 0 R /Resources 20 0 R /Contents 21 0 R /Thumb 83 0 R /MediaBox [ 0 0 595 842 ] /CropBox [ 0 0 595 842 ] /Rotate 0 >> endobj 20 0 obj << /ProcSet [ /PDF /Text ] /Font << /TT2 136 0 R >> /ExtGState << /GS1 142 0 R >> >> endobj 21 0 obj << /Length 1691 /Filter [ /ASCII85Decode /FlateDecode ] >> stream % NQOXc.S * n- ' Q ] ) bM6 ( dEho a basic foundation in United... 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