Currency is one form of money - Leaving Cert Economics - Question 7 - 2011

1. Medium of exchange: Money serves as an intermediary in trade, allowing people to exchange goods and services efficiently. It simplifies transactions by eliminating the need for barter, which can be cumbersome.

2. Measure of value: Money provides a standard measure of value that allows individuals to compare the worth of different goods and services. It helps establish prices and facilitates easier trade.

One example of money, other than currency, is cheques. Cheques are written orders directing a bank to pay a specific amount from the account holder's funds to another party.

The term nationalised refers to the process of taking banks into public or government ownership. An example of a bank that has been nationalised is the Anglo Irish Bank.

1. Loss of local service/higher costs: Business customers may face higher costs as they have to seek alternative banking arrangements, which could involve greater travel expenses or higher fees for services not previously charged.

1. Loss of jobs: Employees may lose their jobs due to the bank's closure. This can lead to increased unemployment in the area and negatively impact the local economy.

1. Reduced profits: Shareholders may see a decrease in dividends due to reduced profits. If the bank is closed and liquidated, shareholders may receive little to no return on their investments.