353019
| Question | Answer |
| Acceptable | One of the key features of money - to be widely accepted |
| Barter | To exchange goods and services for other goods and services without using money |
| Current Account | Bank or building society accounts where people can store their money in the form of electronic balances and withdraw it to make payments |
| Denomination | A group of coins or notes that share the same face value |
| Divisible | A key feature of money - to be easily divided into amounts of different value |
| Double coincidence of wants | A situation in which two people have goods or services to trade and each wants what the other person can provide |
| Durable | A key feature of money - to be strong enough to be reused in many transactions |
| Face value | The value marked on a coin or note (eg 1p, 2p, 5p, £5, £10) |
| Fiduciary value | Value based on trust in the banking system |
| Homogeneous | A key feature of money - to look and feel the same as other coins and notes of the same denomination |
| Inflation | A rise in prices, which means that the purchasing power of money falls |
| Intrinsic value | The value that an item has in itself, eg a bag of rice has intrinsic value because it is a staple food; a solid gold coin has intrinsic value because it is made of a precious metal; a banknote does not have intrinsic value because it is a piece of paper |
| Legal tender | Coins or banknotes that must be accepted if offered in payment of a debt |
| Means of exchange | A function of money - to allow people to make payments |
| Money | Anything widely accepted as a means of making payments |
| Payment mechanism | A means of transferring money from one account to another eg debit card, cheque |
| Portable | A key feature of money - to be small and light enough to carry around easily |
| Purchasing power | The quantity of goods or services that money can buy |
| Rate of exchange | How much one item is worth in terms of a different item eg one bag of flour is worth four nails, one British pound is worth 1.5 euros, etc. |
| Recognisable | A key feature of money - to be easily identified as genuine money |
| Representational value | The value that an item represents rather than the value it has in itself: a banknote is just a piece of paper but it represents the value that is printed on it |
| Scarce but sufficient | A key feature of money - to be available in sufficient quantities to meet people's needs but not in such quantities that the value of money falls |
| Store of value | An attribute of money that allows people to store money now and spend it later |
| Transaction | Buying or selling something |
| Unit of account | A function of money - to allow people to compare prices and to measure the value of money in a bank account, etc. |
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