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medium of exchange
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unit of accounting
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Economics B1

Money and minimum wage vocabulary

TermDefinition
medium of exchange the ability to use something -- such as money -- for the exchange of goods and services, used instead of bartering
unit of accounting use of money as a measuring tool to compare the prices of goods and services to one another
store of value the ability of money to keep its value or purchasing power for a later time
portable characteristic of money meaning it is easy to carry
durable characteristic of money meaning it is not easily destroyed or damaged
divisible characteristic of money meaning it can be divided into smaller parts
scarce characteristic of money meaning that it is limited in nature, it cannot be created by just anyone
accepted characteristic of money meaning it is recognized by many (if not all) sellers and buyers in a market
stable in value characteristic of money meaning it remains the same value over time
minimum wage the lowest amount the law allows for employers to pay workers
Created by: devernah
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