Discuss difficulties with using milk as money in regard to

Reference no: EM131305531

1. What is commodity money? How does it differ from fiat money?

2. Suppose that you live in a simple farm economy where milk is accepted as the primary form of money. Discuss the difficulties with using milk as money in regard to:

a. A medium of exchange

b. A unit of account

c. A store of value

d. A standard of deferred payment.

Reference no: EM131305531

Questions Cloud

Establish the formal structure of a business entity : You are promoting a rock concert in your area. Your purpose is to earn a profit, so you need to establish the formal structure of a business entity. Assume you organize as a corporation.

Give the answer of question given below : Whites, particularly white youth, are more likely to engage in illegal drugs dealing than people of color. The National Institute on Drug Abuse reported that black students use cocaine at seven times the rate of white students, and use crack cocain..

Many germans used us cigarettes as currency : Following the end of World War II in 1945, the Reichsmark, the German currency, lost so much value that a barter economy arose.- Why might cigarettes, rather than another commodity, have been used as currency in situation?

What makes a dollar bill money : What makes a dollar bill money? What makes a personal check money? What factors, if changed, would affect your willingness to accept a dollar bill or a check as money?

Discuss difficulties with using milk as money in regard to : Suppose that you live in a simple farm economy where milk is accepted as the primary form of money. Discuss the difficulties with using milk as money in regard to:

Prepare adjusting journal entries for hydromaint : Based on this information and the data developed by Pam, prepare your suggested correcting and adjusting journal entries for Hydromaint. Also create the pension disclosure note. Your journal entries must be supported by descriptive explanations, ..

Reduce the impact of the government move : Why would limiting the amount of old currency that could be exchanged for new currency result in the North Korean government's having seized its citizens money and savings?

Can you offer a possible explanation for these changes : Which was larger for Yum! Brands, Inc. during 2012: (1) sales revenue, or (2) cash collected from customers? Why? Show computation. (Challenge)

Discuss who would gain and who would lose from legislation : Suppose that Congress changes the law to require all firms to accept paper currency in exchange for whatever they are selling. Briefly discuss who would gain and who would lose from this legislation.

User Account

All Pages