Economics Flashcards
medium of exchange (1) (main functions)
Something accepted in exchange for goods and services.
unit of accounting (2)
uses to keep records
store of value (3)
can save it for future purchases
What are the 6 characteristics of money?
accepted, stable, portable, scarce, divisible, and durable.
When was the first paper money issued in the united states?
The Revolutionary War
Counterfeiting
illegal reproduction of money for circulation
The Secret Service
the agency that investigates crimes involving the counterfeiting of united states money
What are the 5 security features of money?
color-shifting ink, watermark, security thread, microprinting, and fine-line printing patterns
When was the secret service formed?
July 5, 1865
When did parliament pass the currency act?
September 1, 1764
