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What Is Money? Why Does It Have Value?
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Money
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A medium of exchange
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CouncilforEconEd
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Terms in this set (12)
Money
A medium of exchange
Barter system
Exchanging a good or service for another good or service
Voluntary trade
When two people make an exchange and are both better off as a result
Historically, these have been commonly used as forms of currency
Salt, beads, and shells
Because this commodity meets all five main characteristics of money, it has been widely used as money throughout history
Gold
