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Money Functions of Money Medium of exchange o Barter? Unit of accounting o Compare costs-Movies Store of value o Inflation? Characteristics of Money Durable Portable Divisible-denominations Uniformity- $1 is worth a $1. Limited Supply Accepted Types of Money Commodity money- objects Representative money- IOU’s Fiat money (legal tender)- government decree A Money standard is the manner in which a nation assigns value to its money. Types of Currency Token coins (value of metal in each coin is less than its exchange value) Federal reserve notes (1,5,10,20,50,100) United States notes (100s) Money Supply M1 (can be spent immediately and against which checks can be written) monies quickly converted to cash (Liquidity). M2 (M1 plus near monies) o Savings account o Money Market Mutual Funds