ECON2 Chapter 10
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| is anything that people will accept in exchange for goods and services. | Money
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| is a means through which goods and services can be exchanged. | medium of
exchange
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| is the exchange of goods and services without using money. | Barter
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| determines the economic worth in the exchange process. | standard of value
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| is something that holds its value over time. | store of value
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| has intrinsic value based on the material from which it is made. | Commodity money
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| is backed by something tangible | Representative
money
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| is declared by the government and accepted by citizens to have worth. | Fiat money
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| is paper money and coins. | Currency
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| are checking accounts. | Demand deposits
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| is savings accounts and time depos- its that can be converted into cash relatively easily. | Near money
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| is a bank chartered by a state government. | state bank
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| are banks chartered by the national government. | National banks
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| is a system that backs the basic monetary unit with a set amount of gold. | gold standard
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| is an electronic device that allows bank customers to make transactions without seeing a bank officer. | automated teller
machine (ATM)
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| can be used like an ATM card or like a check. | debit card
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| represents money that the holder has on deposit with the issuer. | stored-value card
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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