medium of exchange
anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region
unit of account
a means for comparing the values of goods and services
store of value
an asset set aside for future use; one of the three functions of money
a measure of the money supply, narrowest measure of the money supply that includes all coins and paper bills in circulation, traveler's checks, checking account balances, and balances in credit unions
Federal Reserve Notes
paper currency issued by the fed that eventually replaced all other types of federal currency
coins of regular issue whose face value is greater than their intrinsic value
money deposited in a bank that can be withdrawn at any time by presenting a check
The largest financial intermediary directly involved in the financing of real estate.
financial institutions that receive most of their funds from the savings of the public; they include savings banks, savings and loan associations, and credit unions
assets, such as deposits in savings accounts that can be withdrawn at any time that almost serves the function of money
a measure of the money supply, equals M1 plus savings and small time deposits, money-maker mutual-fund share, and other highly liquid assets
a bank account that accumulates interest
money market deposit account
an account that pays higher interest than a savings account but requires more money to open
an interst-earning deposit in a commercial bank or thrift institution that the depositor can withdraw without penalty after the end of a specified period.
money market mutual fund
a fund that pools money from small savers to purchase short -term government and corporate securities
any kind of money that a creditor must by law accept in payment for debts
Federal Reserve System
privately owned, publicly controlled, central bank of the United States
Board of Governors
the seven-member board that oversees the Federal Reserve System
Federal Reserve Banks
The 12 banks chartered by the US government to control the money supply and perform other functions.
Federal Open Market Committee
Twelve-member committee made up of the seven members of the Board of Governors; the president of the Federal Reserve Bank of New York; and, on a rotating basis, the presidents of four other Reserve Banks. The FOMC meets eight times a year to set Federal Reserve guidelines regarding the purchase and sale of government securities in the open market as a means of influencing the volume of bank credit and money in the economy.
financial services industry
Providers of monetary asset management services are collectively referred to as this.
A payment that is transmitted electronically either over the telephone line, or between Web sites on the Internet.