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Econ > Chapter 10 Vocab > Flashcards

Chapter 10 Vocab Flashcards

1
Q

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

A

Money

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2
Q

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

A

Medium of exchange

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3
Q

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

A

Barter

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4
Q

A means for comparing the values of goods and services

A

Unit of account

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5
Q

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

A

Store of value

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6
Q

Coins and paper bills used as money

A

Currency

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7
Q

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

A

Commodity money

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8
Q

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

A

Representative money

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9
Q

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

A

Fiat money

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10
Q

An institution for receiving, keeping, and lending money

A

Bank

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11
Q

A bank chartered, or licensed, by the national government

A

National bank

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12
Q

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

A

Bank run

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13
Q

Paper currency issued during the civil war

A

Greenback

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14
Q

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

A

Gold standard

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15
Q

The nations central banking system

A

Federal reserve system

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16
Q

Bank that can lend to other banks in times of need

A

Central bank

17
Q

Bank that belongs to the federal reserve system

A

Member bank

18
Q

The national currency we use today in the United States

A

Federal reserve note

19
Q

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

A

Great Depression

20
Q

The government agency that insures customer deposits if a bank fails

A

Federal deposit insurance corporation (FDIC)

21
Q

All the money available in the United States economy

A

Money supply

22
Q

The ability to be used as or directly converted to cash

A

Liquidity

23
Q

The money in checking accounts

A

Demand deposit

24
Q

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

A

Money market mutual fund

25
Q

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

A

Fractional reserve banking

26
Q

Failure to pay back a loan

A

Default

27
Q

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

A

Mortgage

28
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

29
Q

The price paid for the use of borrowed money

A

Interest

30
Q

The amount of money borrowed

A

Principal

31
Q

A card used to withdraw money

A

Debit card

32
Q

Person or institution to whom money is owed

A

Creditor

Econ (18 decks)

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