Study Notes
Money - Characteristics and Functions (Financial Economics)
- Level:
- GCSE, AS, A-Level, IB, BTEC National
- Board:
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 14 Apr 2019
According to the Bank of England, in a modern economy, money is a type of IOU, but one that is special because everyone in the economy trusts that it will be accepted by other people in exchange for goods and services.
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