Bretton Woods systemFinancial-economic agreement reached in 1944The Bretton Woods system of monetary management established the rules for commercial relations among 44 countries, including the United States, Canada, European countries, and Australia, after the 1944 Bretton Woods Agreement until the Jamaica Accords in 1976. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states.CurrencyA currency is a standardized form of money, in use or circulation as a medium of exchange, for example banknotes, coins, electronic balances in online bank accounts, and central bank digital currencies (CBDCs). A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state.
Unit of accountIn economics, unit of account, sometimes called currency unit or monetary unit, is a standard unit of measurement of the market value of goods, services, and other transactions. Also known as a measure of relative worth and a standard of deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. It is one of the functions of money.Legal tenderLegal tender is a form of money that the law recognises as valid for the discharge of a monetary debt in a jurisdiction. What constitutes legal tender varies between jurisdictions. However, legal-tender status generally does not require a seller to accept a particular form of payment before entering into a transaction.
Use valueUse-value (German: Gebrauchswert; Nutzwert) or value in use is a concept in classical political economy and Marxist economics. It refers to the tangible features of a commodity (a tradeable object) which can satisfy some human requirement, want or need, or which serves a useful purpose.Medium of exchangeIn economics, a medium of exchange is any item that is widely accepted in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency. Most forms of money function as media of exchange, including commodity money, representative money, cryptocurrency, and most commonly fiat money. Representative and fiat money exist in digital form as well as physical tokens, for example coins and notes.Intrinsic value (finance)In finance, the intrinsic value of an asset or security is its value as calculated with regard to an inherent, objective measure. As a distinction, the asset's price is determined relative to other similar assets. The intrinsic approach to valuation may be somewhat simplified, in that it ignores elements other than the measure in question.
CommodityYerba mate (left), coffee bean (middle) and tea (right), all used for caffeinated infusions, are commodity cash crops.In economics, a commodity is an economic good, usually a resource, that specifically has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.
Central bankGovernment body that manages currency and monetary policy
SilverCu↑Ag↓Aupalladium ← silver → cadmium
GoldChemical element with atomic number 79 (Au)Ag↑Au↓Rgplatinum ← gold → mercury
Jamaica AccordsThe Jamaica Accords were a set of international agreements that ratified the end of the Bretton Woods monetary system. They took the form of recommendations to change the "articles of agreement" that the International Monetary Fund (IMF) was founded upon. The agreement was concluded after meetings by a committee of the board of governors of the IMF, held on 7–8 January 1976 at Kingston, Jamaica.
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