Chapter 2Money and the Payments System1MoneyMoney Money is an asset that is generally accepted as payment for goods and services or repayment of debt.2Characteristics of Money1.A means of payment.2.A unit of Account3.A Store of Value3The Payments SystemTypes of Moneyn Commodity Money Things that have intrinsic value n Fiat Money Value comes from government decree (or fiat)4The Payments SystemChecks Instructions to the bank to take funds from your account and transfer those funds to the person or
