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Econ - Topic 6 Vocab

Econ - Topic 6 Vocabulary

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
unit of account a means for comparing the values of goods and services
store of value to keep value when held onto—or stored—it instead of spending
currency anything used as money; today we use coins and paper bills as money
commodity money consists of objects that have value in and of themselves and that are also used as money
representative money makes use of objects that have value solely because the holder can exchange them for something else of value
fiat money has value because a government has decreed that it is an acceptable means to pay debts
bank an institution for receiving, keeping, and lending money
central bank a bank that can lend to other banks in times of need
foreclosure the seizure of property from borrowers who are unable to repay their loans
monetary policy the actions that the Federal Reserve System takes to influence the level of real GDP and the rate of inflation in the economy
check clearing the process by which banks record whose account gives up money and whose account receives money as a result of a customer writing a check
federal funds rate the interest rate that banks can charge each other for loans
money supply all the money available in the United States economy
liquidity the ability to be used as, or directly converted into, cash
money market mutual fund funds that pool money from small savers to purchase short-term government and corporate securities
interest the price paid for the use of borrowed money
mortgage a specific type of loan that is used to buy real estate
principal the amount of money borrowed
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
debit card a card used to withdraw money from a bank account
investment the act of redirecting resources from being consumed today so that they may create benefits in the future; the use of assets to earn income or profit
financial system the network of structures and mechanisms that allows the transfer of money between savers and borrowers
financial intermediary an institution that helps channel funds from savers to borrowers
mutual fund an organization that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets
hedge fund a private investment organization that employes risky strategies that often make huge profits for investors
diversification the strategy of spreading out investments to reduce risk
return the money an investor receives above and beyond the sum of money initially invested
maturity the time at which payment to a bondholder is due
par value a bond’s stated value, to be paid to the bondholder at maturity
savings bond a low-denomination bond issued by the United States government
municipal bond a bond issued by a state or local government or a municipality to finance a public project
corporate bond a bond issued by a corporation to help raise money for expansion
capital market a market in which money is lent for periods longer than a year
money market a market in which money is lent for periods of one year or less
capital gain the difference between the selling price and purchase price that results in a financial gain for the seller
capital loss the difference between the selling price and purchase price that results in a financial loss for the seller
share a portion of stock
stock exchange a market for buying and selling stock
bull market a steady rise in stock prices in general over a period of time
bear market a steady drop or stagnation in stock prices in general over a period of time
speculation the practice of making high-risk investments with borrowed money in hopes of getting a big return
Created by: brittlloyd



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