Ch. 10 Vocab
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Created by:
jennampage on October 19, 2010
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18 terms
Terms | Definitions |
|---|---|
 money | anything that serves as a medium of exchange, a unit of account, and a store of value |
| medium of exchange | anything that is used to determine value during the exchange of goods and services |
| barter | the direct exchange of one set of goods or services for another |
| currency | coins and paper bills used as money |
| commodity money | objects that have value in and of themselves and are also used as money |
| representative money | objects that have value because the holder can exchange them for something else of value |
| flat money | objects that have value because a government has decreed that they are acceptable means to pay debts |
| money supply | all the money available in the US economy |
| liquidity | the ability to be used, or directly converted to cash |
| foreclosure | the seizure of property from lenders who are unable to pay back their loans |
| fractional reserve banking | a banking system that keeps only a fraction of its funds on hand and lends out the remainder |
| default | failing to pay back a loan |
| mortgage | a specific type of loan that is used to buy real estate |
| credit card | a card entitling its owner to buy goods and services based on the owner's promise to pay for the use of borrowed money |
| interest | the price paid for the use of borrowed money |
| principal | the amount of money borrowed |
| debit card | a card used to withdraw money from a bank account |
| creditor | a person or institution to whom money is owed |
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