Economics Chapter 17
About this set
Created by:
lanemoore on December 12, 2011
Subjects:
Money and Banking and Federal Reserve
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9 terms
Terms | Definitions |
|---|---|
 Bartering | Exchanging goods and services for other goods and services without the use of money |
| Currency | The coins and paper bills used as money in an economy |
| Demand Deposit | The money in a checking deposit |
| Money Supply | The total amount of money available for use as a medium of exchange |
| Loan | An amount of money borrowed for a certain time period |
| Fractional Reserve Banking | A system of banking whereby banks keep a percentage of checking and saving deposits in reserve, leaving the rest available for loans and investments |
| Federal Reserve System | The central bank of the US, which provides services to banks, regulates their activities, and controls the nation's monetary policy |
| Board of Governors | Seven people appointed by President for a 14 year terms who are responsible for running the Federal Reserve System as a whole |
| Recession | A slowdown in economic activity and production |
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