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BankingBasic,History

Review

TermDefinition
Civil War and monetary issues crisis point caused rampant inflation which threatened the entire economic system
Emergency Banking Act of 1933 separated commercial banking from investment banking to protect assets
National Currency Act of 1863 established standards for currency, taxes state bank notes, and made the printing of state bank notes unprofitable
Second Bank of the United States was thought by Andrew Jackson to represent the advancement of the few at the expense of the many
Colonial America most common currency coins
3 functions of money store of value, unit of account, medium of exchange
Problem money solves in the economy is it serves as a common acceptable medium of exchange for trade
Newest feature on the $100 bill 3-d security ribbon
Ben Franklin prevented counterfeiting by printing leaves from plants on the bills
6 characteristics of money Divisible Portable Acceptable Scarce Durable Stable
Created by: CoachC