Economics Test: Chapter 1



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Money…Grab that cash with both hands & make a stash!

Read Ch.10, Sec 1 (p.288-294) and answer the following questions

1. Why do you accept money in exchange for a good or service?

2. What gives money its value?

3. What are the 3 functions of Money?

1.

2.

3.

4. What are the 3 types of money? Can you provide an example of each?

1.

2.

3.

5. What are the 7 characteristics of money?

1.

2.

3.

4.

5.

6.

7.

6. What is liquidity of money mean?

7. What is the difference between M1 and M2 money? Can you provide an example of each?

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