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chapter 11

QuestionAnswer
money functions, 3 medium of exchange, unit of account (measure of relative value), a store of value
medium of exchange money can be traded for goods and services, therefore facilitating trade.
unit of account money is a universal yardstick that is used to express relative prices of goods and services.
store of value money is an asset that enables people to transfer purchasing power into the future.
fiat money an asset that is used as legal tender by government decree and is not backed by a physical commodity like gold. Any object in limited supply can act as fiat money
2 main official measures of money monetary aggregates, M1 and M2
M1 the most narrow definition, includes mainly currency in circulation, traveler's checks, and balances held in checking accounts.
M2 includes everything in M1 plus saving deposits, small time deposits (<1$00,000) and money market deposit accounts
velocity the circulation rate of money
quantity theory of money assumes the circulation of money (velocity) is constant in the long run
Created by: user-1742075
 

 



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