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ECON2 Chapter 10
| Question | Answer |
|---|---|
| is anything that people will accept in exchange for goods and services. | Money |
| is a means through which goods and services can be exchanged. | medium of exchange |
| is the exchange of goods and services without using money. | Barter |
| determines the economic worth in the exchange process. | standard of value |
| is something that holds its value over time. | store of value |
| has intrinsic value based on the material from which it is made. | Commodity money |
| is backed by something tangible | Representative money |
| is declared by the government and accepted by citizens to have worth. | Fiat money |
| is paper money and coins. | Currency |
| are checking accounts. | Demand deposits |
| is savings accounts and time depos- its that can be converted into cash relatively easily. | Near money |
| is a bank chartered by a state government. | state bank |
| are banks chartered by the national government. | National banks |
| is a system that backs the basic monetary unit with a set amount of gold. | gold standard |
| is an electronic device that allows bank customers to make transactions without seeing a bank officer. | automated teller machine (ATM) |
| can be used like an ATM card or like a check. | debit card |
| represents money that the holder has on deposit with the issuer. | stored-value card |
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