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chapter 24

coin metallic form of money such as pennies, nickels and dimes
currency both coin and paper money
commercial bank a financial institution that offers full banking services to individuals and businesses
saving and loan association a traditional institution that loans money to buy a home
credit union a non profit service cooperative that accepts deposits, makes loans, and provides other financial services
central bank the bank that gives loans to other banks, also where the government dose there banking
federal open market committee most powerful committee of the FED
monetary policy policy that involves changing the amount of money made for the amount of credit used
discount rate the interest rate the Fed charges on its loans
reserve a certain percentage of a banks own money they must put to the side for the federal reserve
open market operations purchase or sale of U.S. government bonds and treasury bills
checking account an account in which deposited money can be withdrawn at anytime by writing a check
savings account an account where customers receive interest based on how much money they have deposited
certificate of deposit timed deposit that states the amount of the deposit, maturity, and rate of interest being paid