- Study guides, Class notes & Summaries

MACROECONOMICS: BANKING TEST EXAM QUESTIONS AND ANSWERS EXPLAINED Money - answersAny asset that can easily be used to purchase goods and services Medium of exchange - traded for goods, not consumption Store of value - holds power over time Unit of account - can be a measure of the value of other goods Types of Money - answersCommodity Money Commodity Backed Money Fiat Money COMMODITY MONEY - answersA good that had value in other uses Ex. If the material used to make a qua...