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Money & Banking

Chapter 18 Eco book

Money Anything that is generally accepted by people in exchange for goods and services or repayment of debt.
Barter Directly exchanging goods and services for other goods and services.
Double Coincidence of Needs and Wants You must find someone who is willing to purchase the good you have to sell and is also selling the good you want to purchase.
Token Money Representative money which could be exchanged into gold on demand.
Fiduciary Issue The proportion of a country's currency that is not backed by gold. This is based on trust.
Measure of Value Measure exactly how much something is worth.
Standard for the Deferred Payment Money is capable of measuring value for a future date. takes into account inflation and deflation.
Medium of Exchange Money is used to purchase goods and services.
Store of Wealth In order to be a medium of exchange, money must hold its value over time.
Legal Tender Money that must be accepted if offered as payment for a purchase or settlement of a debt.
Monetary Policy Actions by the ECB that influence money supply, interest rates and the availability of credit.
Commercial Banks Institutions that provide deposit and lending services to personal consumers and businesses.
Primary Liquidity Ratio The amount of money with respect to short-term deposits that the Central Bank requires commercial banks to keep in cash form.
Capital Adequacy Ratio The percentage of a bank's capital to its risk-weighted assets.
Nominal Interest Rate The interest rate unadjusted for inflation.
Real Rate of Interest The nominal rate of interest minus the rate of inflation.
Created by: jennymarshall



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