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1、BUSINESS FinancialSector:AnIntroductionFeb.282011ScottishQualificationsAuthorityHIGHERNATIONALDIPLOMAMoneyGold?Yellow,glittering,preciousgold? No,Gods,Iamnoidlevotarist!... Thusmuchofthiswillmakeblackwhite,foulfair, Wrongright,basenoble,oldyoung,cowardvaliant. ...Why,th
2、is Willlugyourpriestsandservantsfromyoursides, Pluckstoutmen’spillowsfrombelowtheirheads: Thisyellowslave Willknitandbreakreligions,blesstheaccursed;ShakespeareinTimonofAthens:MoneyWhatismoney?Moneyisatokenthatiswidelyacceptedasamediumofexchange. Thetokencanbetangibleli
3、keacoinornote,orintangiblelikeabankdeposit.MoneyThehistoryofMoneycommoditymoney实物货币金属货币convertibleondemandintoavaluablecommoditylikegoldfiatmoney信用货币Ifthetokensareintrinsicallyworthlessandinconvertible,thegovernmentmustendowthemwithaspecialstatustomakethemviableasmoney.
4、MoneyBarterMoneyHowdidcurrencybegintosolvetheproblemsofbartering?From1200B.C.to50B.C.differentcurrencieswereinventedaroundtheworld.TheChineseusedatypeofshellcalledCowrieshellsandmetaltoolsasmoney,whiletheAtheniansusednailsandtheSaxons,swordblades.Evenpolishedvolcanicroc
5、kwasusedasmoneyinpartsofAmerica.Theobjectswereeasytocarryandtoughsocouldbekeptandbestoredforalongtime.However,therewerestillproblems.Objectsweren'teasytodivideintosmalleramounts,soyoucouldn'tmakeupdifferencesinamounts(orgivepeoplechange),andwithsomangydifferentcurrencie
6、sbeingused,peoplecouldn'talwaysagreeonwhatthingswereworth.So,therewerestilllotsofproblemswithusingtheseobjectsascurrency.Coinsandnoteswerethewayforward.MoneyHowdidcurrencybegintosolvetheproblemsofbartering?MoneyQualitiesofMoney(P48)Acceptability-ifmoneyistobeaneffective
7、mediumofexchange,ithastobeuniversallyacceptable(oratleastacceptablewithinthecountryororigin).Divisibility-moneyhastobeabletobeconvenientlysplitintomultipleunitsforconvenientpayment.(Cowsmightbeausefulsourceofmoneybuttheywouldcertainlylosetheirvalueifcutuptopayforsmallit
8、ems!)Portability/convenience-moneyhastobeconvenienttocarryaround.(Evertriedslippingacowintoyourbackpocket?)Dif
