money Flashcards
1
Q
three uses of money
A
medium of exchange
unit of account
store of value
2
Q
medium of exchange
A
determine value
3
Q
unit of account
A
comparing values
4
Q
store of value
A
keeps its value when stored
5
Q
six characteristics of money
A
durability portability divisibility uniformity acceptability limited supply
6
Q
uniformity
A
be able to count and measure
7
Q
commodity money
A
have value in and of themselves
corn
8
Q
representative money
A
holder can exchange for something else
check
9
Q
fiat
A
government said it has value
us dollar
10
Q
who proposed first national bank
A
alexander hamilton
11
Q
why did the first bank come about
A
to promote trade
12
Q
why did they make the second bank
A
war of 1812, financial crisis
13
Q
3 parts of national banking act of 1863
A
- charter banks
- adequate reserve
- issue single currency
