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Business

Money

TermDefinition
Money Anything of value that is widely accepted as payment for goods and services
Bartering Swapping goods or services that one person has for goods or services another person has
European central bank (ECB) The govering body of all european union central banks and is responsible for making financial decisions for the european union
Disadvantages of bartering Both people in it must hve the goods or service the other person wants Have to be of equal value Goods have to be carried around and may be bulky
Characteristics of money Everyone has to accept it as payment Easy to recognise ie all 10 euros have to look same Easy to break down into smaller units 1€ =100c Small light to carry around
What is ment by economic and monetary unit? Ireland along with 16 others use the same currency called the euro
Should euro and cent be capitilised? NO!
Characteristics of the euro notes Have euro in greek and latin Initials of european central bank in 5 languages Signature of president of european central bank Has security feature to make it hard to forge
Advantages of a single currency to ireland Firms that import or export between european countries dont have to worry about exchange rates they also know how mush the goods will cost and how much they will get paid! Irish firms that trade with eurozone save money cuz no commission Lower inter
Created by: Chloeg99
 

 



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