One sheep = two axes

The generation of general value forms and general equivalents

direct barter exchange

general equivalent

Exchange mediated by equivalents

Essence: general equivalent

Definition: Precious metals such as gold and silver that are fixed and serve as general equivalents

There is no essential change when the currency form replaces the general value form, it just depends on whether the general equivalent is fixed.

Price is the monetary expression of the value of a commodity

The product itself also has value

The intrinsic value measure of commodities is the external manifestation of socially necessary labor time.

Changes in commodity prices are directly proportional to changes in commodity value and inversely proportional to changes in currency value

The function of monetary commodity exchange medium (must be real currency)

Separation of buying and selling

Must be made of precious metals of sufficient value

Metal block: weigh it and identify its quality

Paper currency: Paper currency issued by the state and relying on state power to enforce monetary functions.

Equal to one is optimal

supply exceeds demand

① Depreciation of banknotes ② Increase in commodity prices

The quantity issued is less than the quantity demanded

① Appreciation of banknotes ② Decrease in commodity prices