2.8 - The Role of Money and Financial Markets

Cards (4)

  • The financial sector is banks, building societies and other firms which provide loans, savings and other money-based products to households and businesses.
  • A building society is a specific form of financial institution which is wholly owned by its borrowers and savers.
  • A high street bank is a financial solution which provides basic retail banking services to consumers and small businesses
  • Characteristics of money:
    • Medium of exchange
    • Store of value
    • Unit of account
    • Portable
    • Durable
    • Hard to Counterfeit
    • Divisable