a financial institution whose chief purpose is to accept savings and checking deposits, make loans to businesses and individuals, and transfer money among businesses, other banks, financial institutions, and individuals.
a money system that is based on an item (a commodity) that has value to a society.
the paper money and coins that are in circulation in a nation and that make up its money supply.
a plastic card used to make withdrawals at an automatic teller machine or a place of business.
the failure to make payments on a loan.
a lifting or lessening of government control or restrictions on a company, industry, or profession.
money that is not backed by gold, silver, or other items of value but that has worth because a government requires that it be accepted as a medium of exchange.
medium of exchange
anything that a seller will accept as payment for a good or service.
mutual saving banks
a bank that is owned by its depositors, who share in its profits.
an asset that can easily be converted into cash when needed.
a money system in which an item has value because it can be exchanged for something else that is valuable.
saving and loan association
a financial institution that lends money and in which depositors maintain savings and checking accounts.
money in the form of coins. Historically, specie was valued for the metal it was made from, typically gold or silver.
standard of value
a measure of the relative value of various goods or services.
store of value
a characteristic of a medium of exchange that allows it, and thus value or wealth, to be stored.
a system in which the value of a nation's money is defined by how many units of its currency are redeemable for a specified amount of gold.