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Financial System

Ch 1 Money and Banking

QuestionAnswer
Five core principles Time, Risk, Information, Markets, and Stability
Time Time has value
Risk Risk requires compensation
Information Information is the basis for decisions
Markets Markets determine prices and allocate resources
Stability Stability improves welfare
Six parts of the financial system money, financial instruments, financial markets, financial institutions, government regulatory agencies, and central banks
Money used to pay for purchases and to store wealth
Financial instruments used to transfer resources and risk
Financial markets allow people to buy and sell financial instruments
Financial institutions provide access to the financial markets, collect information, and provide a variety of other services
Government regulatory agencies aim to make the financial system operate safely and reliably
Central banks stabilize the economy
Gross Domestic Product the market value of final goods and services produced in a country during a year
Real GDP separates changes in quantities from changes in the prices-uses a base-year price
Nominal GDP GDP measured at current dollar prices
GDP deflator Nominal GDP/Real GDP
Created by: sam6204