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Money and Bankin

Money and Banking

QuestionAnswer
Three functions of money Medium of exchange, unit of account, store of value
When does money not work as a good store of value? When there is a time of inflation
Coins and paper bills used as money Currency
Currency should withstand wear and tear Durability
Currency should be easy to carry around Portability
Currency should be easy to break into smaller amounts Divisibility
Both in same terms on what they can buy Uniformity
Control the amount in the economy Limited Supply
Anyone can use it to buy goods Accessibility
Items used as currency, like wheat Commodity money
Certificates used to trade in for valuable goods such as silver Representative money
Federal reserve notes used to buy goods and a way to pay debts Fiat money
Gold or silver coin Specie
Why did some people want to create a National Bank? To ensure growth in the US with a secure and safe banking system
Paper currency issued during the Civil War Greenbacks
Monetary system in which paper money and coins had the value of some amounts of gold Gold Standard
When and why was the Federal Reserve Banking system created? 1913, to become the nations first true central bank, to help other banks in need
Number of Federal Reserve Districts Twelve
Money people have easy access to M1
Assets in M1 plus other additional assets M2
Four major roles banks play in the Economy Store money, save money, provide loans, issue credit cards
Offers checking accounts, deposits, and make loans Commercial Banks
Lends money to those wanting to build their own homes Saving and Loans Banks
Allow people to safely store money they wish to save Savings Bank
Consumer loans and some checking account services Credit Unions
Created by: sudokken
Popular Economics sets

 

 



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