3.1 - Money as a Medium of Exchange
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Practice Questions
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What is the double coincidence of wants?
💡 Hint: Think about bartering - what two wants must coincide?
Name one benefit of using money instead of bartering.
💡 Hint: Consider what happens when you have to deal with finding a match.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What does 'double coincidence of wants' refer to?
💡 Hint: Think about the challenges faced before money existed.
True or False: Demand deposits can only be withdrawn after a notice period.
💡 Hint: Reflect on how you handle your bank funds.
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Challenge Problems
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Analyze how the introduction of digital currencies might further enhance the role of money as a medium of exchange, considering technological advancements.
💡 Hint: Look at current trends in cryptocurrency and online payments.
Imagine a scenario where a community relies solely on barter. Discuss the challenges they might face and how introducing a form of currency could resolve these issues.
💡 Hint: Consider the efficiency of trade when using currency as opposed to goods.
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