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Macro Final Exam

TermDefinition
Barter Economy exchange of goods or services for another good or service
3 functions of money Medium of Exchange Unit of Account Storage of Value
Medium of exchange item that buyers give to sellers when they want to purchase goods and services
Unit of Account Provides a common measure of value so prices can be compared easily
Storage of Value allows people to transfer purchasing power from present to future
What is included In M1 Currency, Demand Deposits, Saving Accounts
What is included in M2 M1, Time Deposits, Money Market Funds
What are 2 kinds of money Commodity Money, Fiat Money
What is an example of Commodity Money Gold and Jewels
What is an example of Fiat Money Paper Bills
What is the Federal Reserve System Central Bank of the U.S ; Oversees the U.S. Monetary System
What are the three Monetary Policy Tools Open Market Operations Discount Window Interest on reserves
Open Market Operations Purchase and selling of U.S government bonds by the fed
Money Multiplier Formula 1 ____ RR
How do You increase money supply with open market operations The fed buys government bonds
How do You Decrease money supply with open market operations The Fed sells Government Bonds
Discount Window This tool is for extending loans to banks
Discount Rate interest rate Fed charges banks when they borrow directly from the federal reserves
Interest on Reserves (IORB) Fed pays banks interest on reserves → affects how much banks keep.
Federal Funds Rate Interest rate that one bank charges the other sometimes by the end of the day
Money Multiplier
Reserve Ratio Formula Reserves ____________ Deposits
How to Find Total Money Creation Deposit x 1 ___ RR
How to Find New Money Creation Total Money Creation - Initial Deposit
Market for Loanable Funds
Created by: Orrin_Douglas
 

 



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