12 ECON Vocab 11 Word Scramble
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| Term | Definition |
| monetary standard | mechanism by which money is kept portable, durable, divisible, and limited in supply |
| United States note | legal tender printed by the Union during the Civil War that was not backed by gold or silver |
| commercial bank | bank that caters to the needs of business and commerce |
| barter economy | economy based on trade rather than money |
| gold standard | monetary standard under which currency can be exchanged for gold |
| savings and loan association | depository institution that invests most of its funds in home mortgages |
| medium of exchange | something accepted as payment for goods and services |
| legal tender | fiat money that must be accepted in payment for debt |
| Federal Reserve Note | paper currency issued by the Federal Reserve System |
| gold certificate | paper currency backed by gold |
| NOW accounts | checking account that pays interest |
| money | anything that serves as a medium of exchange and a store of value |
| greenback | paper currency that was printed with green ink on both sides |
| credit union | nonprofit depository institution owned by its members |
| state bank | bank that received its charter to operate from a state bank |
| silver certificate | paper currency backed by silver dollars and bullion |
| run on the bank | rush by depositors to withdraw their funds from a bank |
| fiat money | anything a government decrees to be money |
| Federal Reserve System | nation's central bank |
| National Banking System | system of privately owned banks operating under charters from the federal government |
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