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Business LibreTexts

3: Money

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    Learning Objectives

    By the end of this chapter, students should be able to:

    • Define money.
    • Describe the work or economic functions that money performs.
    • Define barter and explain why it is economically inefficient.
    • Explain why some forms of commodity money are better than others.
    • Explain why representative, credit, and fiat money are supplanted commodity money.
    • Define the money supply and explain how and why it is measured.

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