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Civics/Economics > Chapter 10 Vocab > Flashcards

Chapter 10 Vocab Flashcards

0
Q

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

A

Medium of exchange

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1
Q

Anything that serves as a medium of exchange a unit of account and a state of value

A

Money

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2
Q

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

A

Barter

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3
Q

A means for comparing the values of goods and services

A

Unit of account

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4
Q

Something that keeps it’s value if it is stored rather than used

A

Store of value

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5
Q

Coins and paper bills used as money

A

Currency

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6
Q

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

A

Commodity money

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7
Q

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

A

Representative money

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8
Q

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

A

Fiat money

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9
Q

An institution for receiving keeping and lending money

A

Bank

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10
Q

A bank charted or licensed by the national government

A

National bank

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11
Q

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

A

Bank run

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12
Q

Paper currency issued during civil war

A

Gold standard

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13
Q

The nations central banking system

A

Federal reserve system

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14
Q

Bank that can lend to other banks in times of need

A

Central bank

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15
Q

Bank the belongs to the federal reserve system

A

Member bank

16
Q

The national currency we use today in the us

A

Federal reserve note

17
Q

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

A

Great Depression

18
Q

The government agency that insures customer deposits if a bank fails

A

Federal deposit insurance corporation FDIC

19
Q

All the money available in the us economy

A

Money supply

20
Q

The ability to be used a a or directly converted to cash

A

Liquidity

21
Q

The money in checking accounts

A

Demand deposits

22
Q

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

A

Money market mutual fund

23
Q

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

A

Fractional reserve banking

24
Q

Failure to pay back a loan

A

Default

25
Q

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

A

Mortgage

26
Q

A card entitling it’s holder to buy goods and services based on the holders promise to pay for these goods and services

A

Credit card

27
Q

The price for the use of borrowed moeny

A

Interest

28
Q

The amount if money borrowed

A

Principal

29
Q

A card used to withdraw money

A

Debit card

30
Q

Person or institution to whom money is owed

A

Creditor

Civics/Economics (7 decks)

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