Microeconomics
Banking
Money
Money has attributes such as:
- scarcity
- uniformity
- divisibility
- acceptability
- durability
portability
Money has attributes such as:
- store of value
- measure of value
- standard of deferred payment
- medium of exchange
Firms
Economies of Scale
Large firms benefit from economies of scale unlike smaller firms.
| Economy | Description |
|---|---|
| Managerial | Employing specialist workers |
| Technical | Employing advanced technology or equipment |
| Purchasing | Buying raw materials in bulk at a discounted price |
| Financial | Receiving lower interest rates on loans |