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Economics
Economics Chapter Ten
| Term | Definition |
|---|---|
| money | anything that serves as a medium of exchange, a unit of account, and a store of value |
| medium of exchange | anything that is used to determine value during the exchange of goods and services |
| barter | the direct exchange of one set of goods or services for another |
| unit of account | a means for comparing the values of goods and services |
| store of value | something that keeps its value if it is stored rather than spent |
| currency | coins and paper bills used as money |
| commodity money | objects that have value in and of themselves and that are also used as money |
| representative money | objects that have value because the holder can exchange them for something else of value |
| specie | coined money, usually gold or silver, used to back paper money |
| fiat money | objects that have value because a government has decreed that they are an acceptable means to pay debts |
| bank | an institution for receiving, keeping, and lending money |
| national bank | a bank chartered by the federal government |
| bank run | a widespread panic in which many people try to redeem their paper money at the same time |
| greenback | a paper currency issued during the Civil War |
| gold standard | a monetary system in which paper money and coins had the value of certain amounts of gold |
| central bank | a bank that can lend to other banks in time of need |
| member bank | a bank that belongs to the Federal Reserve System |
| foreclosure | the seizure of property from borrowers who are unable to repay their loans |
| money supply | all the money available in the United States economy |
| liquidity | the ability to be used as, or directly converted into, cash |
| demand deposit | money in a checking account that can be paid out "on demand" or at any time |
| money market mutual | a fund that pools money from small savers to purchase short-term government and corporate securities |
| fractional reserve banking | a banking system that keeps only a fraction of its funds on hand and lends out the remainder |
| default | failing to pay back a loan |
| mortgage | a specific type of loan that is used to buy real estate |
| credit card | a card entitling its owner to buy goods and services based on the owner's promise to pay for those goods and services |
| interset | the price paid for the use of borrowed money |
| principal | the amount of money borrowed |
| debit card | a card used to withdraw money from a bank account |
| creditor | a person or institution to whom money is owed |
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