10.1 & 10.2 Vocabulary
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18 terms
Terms | Definitions |
|---|---|
 Unit of Account | a means of comparing the values of goods & services. |
| Store of Value | Something that keeps its value if it is stored rather thean spent. |
| Money | Anything that serves as a medium of exchange a unit of account & a store of value. |
| Medium of Exchange | Anything that is used to determine value during the exchange of one set og goods or services for another. |
| Barter | The direct change of one set of goods or services for another. |
| Currency | Coins & paper bills used as money. |
| Commodity Money | Objects that have value in and of themselves & thjat are also used as money. |
| Respresentative Money | Objects that have value because the holder can exchange them for something else of value. |
| Specie | Coined money, usually gold or silver, used to back paper money. |
| Flat Money | Objects that have had value because a government has decreed that they are on acceptable means to pay debt. |
| Bank | An institution for recieving, keeping, and lending money. |
| National Bank | A bank charted by the Federal government. |
| Bank Run | A widespread panic in which many people try to redeem there paper money at the same time. |
| Green Back | A paper currency issued during the civil war. |
| Gold Standard | A monetary system in which paper money & coins had the value of certain amounts of gold. |
| Central Bank | A bank that can lead to other banks when needed. |
| Member Bank | A bank that belongs to the federal reserve system. |
| Foreclosure | The seizure of property from borrowers who are unable to repay their loans. |
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