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EC1202

Week 6

TermDefinition
One of the key requirement of the market system Money to exchange goods and services
Barter System A double-coincidence of wants
3 functions money has to have 1. A store of value 2. A unit of account 3. A medium of exchange
Commodity of money Money that would still be valuable even if it wasn't being used as money
Fiat Money Money that has value because people trust it and and the government says it must be accepted
National Crisis Preparedness It is how ready a country is before, during or after a crisis
What are the 3 reasons Keynes argued in the General Theory need cash? 1. Money is needed for everyday consumption 2. Life is unpredictable. Cash is required for emergencies 3. Hold cash as investment opportunities
Inflation Increase in general prices over time
The most used measure for inflation Consumer Price Index
Why isn't property included in the CPI? It is considered as an investment rather than consumption
Why is CPI used? To measure consumption
Negative Equity When the house is worth less than the mortgage
CPI is a ... Price index and not a cost-of-living index
Function of Central Bank It's there to regulate the quantity of money available in the economy
2 main functions of Central Bank Macroeconomics Stability Financial System Stability
European Monetary Union Countries coming together under one system discussing economic and monetary policies
Key Components of the EMS European Currency Unit Exchange Rate Mechanism
2 Essential Components in Monetary Integration Exchange Rate Union Capital Market Integration
Exchange Rate Union When members have same currency
Capital Market Integration Money can flow from one country to another one
Four Freedoms of a single market Goods Capital Workers Services
What are the four elements of monetary policy Interest rates Money supply Foreign Exchange Reserves Exchange Rates
Created by: peadarbailey1206
 

 



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