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Economis > Chapter 10 > Flashcards

Chapter 10 Flashcards

1
Q

Money

A

Anything that serves as a medium of exchange, a unit of account

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2
Q

Medium of exchange

A

Anything that is used to determine value during the exchange of goods and services

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3
Q

Barter

A

The direct exchange of one set of goods or services for another

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4
Q

Unit of account

A

Means for comparing the values of goods and services

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5
Q

Store of value

A

Something that keeps its value if it is stored rather than used

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6
Q

Currency

A

Coins and paper bills used as money

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7
Q

Commodity money

A

Objects that have value in themselves and that are also used as money

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8
Q

Representative money

A

Objects that have value because the holder can exchange them for something else of value

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9
Q

Fiat money

A

Money that has value because the government has ordered that it is an acceptable means to pay debt

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10
Q

Bank

A

An institution for receiving, keeping and leading money

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11
Q

National bank

A

A bank chartered, or license by the national government

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12
Q

Bank run

A

Widespread panic in which great numbers of people try to redeem their paper money

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13
Q

Greenback

A

Paper currency issued during the Civil War

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14
Q

Gold standard

A

A monetary system in which paper money and coins are equal to the value of a certain amount of gold

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15
Q

Federal reserve system

A

The nations central banking system

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16
Q

Central bank

A

Bank that can lend to other banks in times of need

17
Q

Member bank

A

Bank that belongs to the Federal Reserve system

18
Q

Federal reserve system

A

The national currency we use today in the United States

19
Q

Great Depression

A

The severe economics decline that began in 1929 and lasted for more than a decade

20
Q

Federal deposit insurance corporation (FDIC)

A

The government agency that ensures customer deposits if a bank fails

21
Q

Money supply

A

All of the money available in the United States economy

22
Q

Liquidity

A

The ability to be used as or directly converted to cash

23
Q

Demand deposit

A

The money in checking accounts

24
Q

Money market mutual fund

A

A fund that pools money from small savers to purchase short term government and corporate securities

25
Q

Fractional reserve banking

A

A banking system that keeps only a fraction of funds on hand and lends out the remainder

26
Q

Default

A

Failure to pay back a loan

27
Q

Mortgage

A

A specific type of loan that is used to by real estate

28
Q

Credit card

A

A card entitling its holder to buy goods and services, promise to pay back

29
Q

Interest

A

Price paid for the use of borrowed money

30
Q

Principal

A

Amount of money borrowed

31
Q

Debit card

A

Card used to withdraw money

32
Q

Creditor

A

Person or institution to whom money is owned

Economis (15 decks)

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