- Created by: mattsiu123
- Created on: 29-12-17 17:26
the nature and function of money
money is a median of exchange and store of value
median of exchange means payments
store of value means wealth - money may be stored as wealth asset.
Bank and bank deposit
bank is an institution that accepts deposits and creates deposits when lending to customers who wish to borrow.
- accpets deposits from the general public that can be transferred by cheque or debit card
- creates deposits when it lends to the general public
Bank of England - is responsible for managing UK monetary policy and maintaining the supply of money in the economy.
all comercial banks aim to make a profit for their owners. The Bank of England is an exception since its aims are…