Economics CH 11 Vocab for Ponder
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| monetary standard | mechanism by which money is kept portable, durable, divisible, and limited in supply
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| United States note | legal tender printed by the Union during the Civil War that was not backed by gold or silver
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| commercial bank | bank that caters to the needs of business and commerce
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| barter economy | economy based on trade rather than money
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| gold standard | monetary standard under which currency can be exchanged for gold
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| savings and loan association | depository institution that invests most of its funds in home mortgages
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| medium of exchange | something accepted as payment for goods and services
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| legal tender | fiat money that must be accepted in payment for debt
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| Federal Reserve Note | paper currency issued by the Federal Reserve System
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| gold certificate | paper currency backed by gold
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| NOW accounts | checking account that pays interest
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| money | anything that serves as a medium of exchange and a store of value
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| greenback | paper currency that was printed with green ink on both sides
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| credit union | nonprofit depository institution owned by its members
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| state bank | bank that received its charter to operate from a state bank
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| silver certificate | paper currency backed by silver dollars and bullion
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| run on the bank | rush by depositors to withdraw their funds from a bank
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| fiat money | anything a government decrees to be money
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| Federal Reserve System | nation's central bank
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| National Banking System | system of privately owned banks operating under charters from the federal government
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