ch03whatismoney解说.ppt

PREVIEW If you had lived in America before the Revolutionary War, your money might have　consisted primarily of Spanish doubloons (silver coins that were also called pieces　of eight). Before the Civil War, the principal forms of money in the United States　were gold and silver coins and paper notes, called banknotes, issued by private banks.　Today, you use not only coins and dollar bills issued by the government as money, but　also checks written on accounts held at banks. Money has been different things at different　times, but it has always been important to people and to the economy. 3.1 Meaning of Money 货币的含义 money (also referred to as the money supply) is anything that is generally accepted in payment for goods or services or in the repayment of debts. When most people talk about money, they’re talking about currency 通货(paper money and coins). 现代货币的定义一般表述为： 如何理解货币的定义，需要区分如下概念： 1.货币与通货 money and currency 2.货币与财富　money and wealth 3.货币与收入 money and income Functions of Money货币的职能  Medium of Exchange Unit of Account Store of Value Of the three functions, its function as a medium of exchange is what distinguishes money from other assets such as stocks, bonds, and houses. 1.Medium of Exchange交易媒介 money in the form of currency or checks is a medium of exchange; it is used to pay for goods and services. The use of money as a medium of exchange promotes economic efficiency by minimizing the time spent in exchanging goods and services. Why? barter economy 物物交换经济，one without money, in which goods and services are exchanged directly for other goods and services. Example: “double coincidence of wants” this example shows, money promotes economic efficiency by eliminating much of the time spent exchanging goods and services. It also promotes efficiency by allowing people to specialize in what they do best. Money is therefore essential in an economy: It is a lubricant 润滑剂　that allows the economy to run more smoothly by lowering transaction costs, thereby enc