Economics Microeconomics Unit 3 Vocabulary

Anything that is used to determine value during the exchange of goods and services.

• Medium of Exchange

• Unit of Account

• Store of Value

• Durability

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Unit of Account​ ​ ​ ​ (a)  

• Objects used as money must withstand physical wear
• A means for comparing values of goods and services
• Money must be available only in limited quantities
• Consists of objects that have value in themselves

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Store of Value

• Any two units of money must be uniform, that is, the same in terms of what they will buy

• Money is only available in limited quantities

• Something that keeps its value if it is stored rather than used

• Everyone must be able to exchange the money for goods and services

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Durability

• Objects used as money must withstand physical wear and tear

• A means of comparing the values of goods and services

• To be useful, money must be able to be easily divided into smaller denominations or units of value

• Has value because the owner can exchange it for something else of value

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Portability​ ​ (a)  

• Money supply is limited to a certain quantity
• Objects used as money must withstand physical wear
• Consists of objects that have value in theselves
• Ability to take and transport money with you

Divisibility

• Something that keeps its value if it is stored rather than used

• Money must be able to be easily divided into smaller denominations or units of value

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Any two units of money must be the same in terms of what they will buy.​ ​ ​ (a)  

• Durability
• Uniformity
• Acceptability
• Limited Supply

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Anything that is used to determine value during the exchange of good and services​ ​ (a)  

• medium of exchange
• unit of account
• store of value
• uniformity

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Portability

• Money must be easily divided into smaller denominations

• Money must be available only in limited quantities

• People need to be able to take money with them as they go about their day

• "legal tender" - acceptable to use to pay debts

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Any two units of money must be the same in terms of what they will buy

• durability

• acceptability

• limited supply

• uniformity

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C