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monetary standard
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United States note
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12 ECON Vocab 11

Economics CH 11 Vocab for Ponder

TermDefinition
monetary standard mechanism by which money is kept portable, durable, divisible, and limited in supply
United States note legal tender printed by the Union during the Civil War that was not backed by gold or silver
commercial bank bank that caters to the needs of business and commerce
barter economy economy based on trade rather than money
gold standard monetary standard under which currency can be exchanged for gold
savings and loan association depository institution that invests most of its funds in home mortgages
medium of exchange something accepted as payment for goods and services
legal tender fiat money that must be accepted in payment for debt
Federal Reserve Note paper currency issued by the Federal Reserve System
gold certificate paper currency backed by gold
NOW accounts checking account that pays interest
money anything that serves as a medium of exchange and a store of value
greenback paper currency that was printed with green ink on both sides
credit union nonprofit depository institution owned by its members
state bank bank that received its charter to operate from a state bank
silver certificate paper currency backed by silver dollars and bullion
run on the bank rush by depositors to withdraw their funds from a bank
fiat money anything a government decrees to be money
Federal Reserve System nation's central bank
National Banking System system of privately owned banks operating under charters from the federal government
Created by: breckart2
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