Functions of money: |
1. Means of exchange
2. Store of value
3. Unit of account
4. Legal Tender
2. Store of value
3. Unit of account
4. Legal Tender
Role of money is affected & influenced by a number of factors: |
|
Briefly explain how each the following characteristics may influence the role of money for an individual: (the hyperlinks provide some pointers if you’re stuck)
o personal attitudes towards risk and reward, borrowing, spending and saving
o life stages (childhood, adolescence, young adult, middle age, old age), key features of each stage, financial needs and implications at each stage
o culture, including religious and ethical beliefs
o life events can vary the personal life cycle from individual to individual
o external influences/trends and the financial-related effects
o interest rates, cost of borrowing versus reward of saving
o personal attitudes towards risk and reward, borrowing, spending and saving
o life stages (childhood, adolescence, young adult, middle age, old age), key features of each stage, financial needs and implications at each stage
o culture, including religious and ethical beliefs
o life events can vary the personal life cycle from individual to individual
o external influences/trends and the financial-related effects
o interest rates, cost of borrowing versus reward of saving
Level 2
Create a Cornell Note based on the tasks above and answer the following questions
- State 2 functions of money.
- Explain what is meant by ‘Means of Exchange’
Level 3
A. Complete the activities highlighted below, ensure you have notes preferably taken using the Cornell Method.
B. Create a Flash Card on this topic.