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Economics > Chp 10 > Flashcards

Chp 10 Flashcards

1
Q

Colonial money

A

Commodity money
Flat money
Specie

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2
Q

Most popular coin in the colonies?

A

Spanish peso….pieces of eight

Bits
German talers

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3
Q

Characters of money

A
  1. Money must be portable
  2. Money is durable
    3 money should be easily divisible into smaller units
    4 money is available, but scarce
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4
Q

The functions of money

A
  1. Medium of exchange (something accepted by all parties)
  2. measure of value ( worth something)
  3. Store of value (can be saved)
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5
Q

California Gold Rush 1848

A

Created a surplus of gold

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6
Q

Federal rescue system

A

Created a national central bank

Bank who can lend to other banks in times of need bankers bank

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7
Q

United States government

A

Full faith and credit

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Economics (19 decks)

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