Anything that serves as a medium of exchange, a unit of account, and a store of value.
Medium of exchange
anthing that is used to determine value during the exchange of goods and services.
the direct exchange of one set of goods and services for another
Unit of account
a means for comparing the values of goods and servces
Store of value
something that keeps its value it it is stored rather than used
coins used and paper bills used as money.
objects that have value in themselves and that are also used as money.
objects that have value because the holder can exchange them for something else of value.
money that has value because the government has ordered it is an acceptable means to pay debts
an institution for receiving, keeping, and lending money
a bank chartered, or licensed by the national government
widespread panic in which numbers of people try to redeem their paper money
paper currency during the civil war.
a monetary system in which paper money and coins are equal to the value of a certain amount of gold.
Federal Reserve System
the nation's central banking system
bank that can lend to other banks in times of need
bank that belongs to the federal reserve system.
Federal Reserve Note
the national currency we use today in the United States.
the severe economic decline that began in 1929 and lasted for more than a decade.
Federal Deposit Insurance Corporation
the government agency that insures a deposit if the bank fails.
all the money available in the United States Economy
the ability to be used as, or directly be converted to cash
the money in checking accounts.
Money market mutual fund
a fund that pools money from small savers to purchase short-term government and corporate securities.
Fractional reserve banking
a banking system that keeps only a fraction of the funds on hand and lends out the remainder.
failure to pay a loan
a specific type of loan that is used to buy real estate
a card entitling its owner to buy goods and services based on the holder's promise to pay for these goods and services.
the price paid for the use of borrowed money
the amount of money borrowed.