Money less economy that relies on trade or barter

Money or other substances generally accepted as payment for goods and services; one of the functions of money

One of the three functions of money that allows it to serve as a common denominator to measure value

One of the three functions of money allowing people to preserve value for future use

Money that has an alternative use as an economic good; gunpowder, flour, corn, etc.

In-convertible fiat Money

A monetary standard under which the fiat money supply cannot be converted into gold or silver by its citizens.

Currency that must be accepted for payment by decree of government

A commercial bank chartered by the National Bank System

A system in which the basic unit of currency is equivalent to, and can be exchanged for a specific amount of gold

Non-profit service cooperative that accepts deposits, makes loans, and provides other financial services

Oldest thrift institution; introduced the negotiable order of Withdrawl

Relaxation or removal of government regulations on business activities

Money by government decree; has no alternative vale or use as a commodity

Money in the form of gold or silver

Federal Reserve System

Privately owned, publicly controlled, central bank of the United States

Actions by the federal reserve system to expand or contract the money supply affect the cost and availability of credit.

Standard Unit of currency in a country's money supply; American Dollar, British Pound, etc

A common denominator that can be used to express worth in terms that most people understand.

Paper component of the money supply

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Econ Test Vocab 5

Question	Answer
Barter Economy	Money less economy that relies on trade or barter
Medium of Exchange	Money or other substances generally accepted as payment for goods and services; one of the functions of money
Measure of Value	One of the three functions of money that allows it to serve as a common denominator to measure value
Store of Value	One of the three functions of money allowing people to preserve value for future use
Commodity Money	Money that has an alternative use as an economic good; gunpowder, flour, corn, etc.
In-convertible fiat Money	A monetary standard under which the fiat money supply cannot be converted into gold or silver by its citizens.
Legal Tender	Currency that must be accepted for payment by decree of government
National Bank	A commercial bank chartered by the National Bank System
Gold Standard	A system in which the basic unit of currency is equivalent to, and can be exchanged for a specific amount of gold
Credit Union	Non-profit service cooperative that accepts deposits, makes loans, and provides other financial services
Savings Bank	Oldest thrift institution; introduced the negotiable order of Withdrawl
Deregulation	Relaxation or removal of government regulations on business activities
Fiat Money	Money by government decree; has no alternative vale or use as a commodity
Specie	Money in the form of gold or silver
Federal Reserve System	Privately owned, publicly controlled, central bank of the United States
Monetary Standard	Actions by the federal reserve system to expand or contract the money supply affect the cost and availability of credit.
Monetary Unit	Standard Unit of currency in a country's money supply; American Dollar, British Pound, etc
Money	A common denominator that can be used to express worth in terms that most people understand.
Currency	Paper component of the money supply

Created by: JohnLanier12

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