Students will be able to
- know the following disadvantages of bartering: requiring double coincidence of wants, lacking divisibility, and difficulty in storing value,
- understand how money was developed and that it was developed to overcome the disadvantages of bartering,
- know the characteristics of the following types of money: commodity money, coins, banknotes (paper money), and bank deposits (credit),
- know different means of electronic payments, such as credit cards, debit cards, ATM cards, and stored-value cards, and understand how they are processed,
- distinguish electronic money by the method of authentication: smart cards (hardware based) versus digital money (software based),
- understand the essential functions of money: medium of exchange, unit of account, general purchasing power, and store of wealth,
- understand acceptability as a characteristic of money.