Term
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Definition
serves as a medium of exchange
store of value
measure of value |
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Term
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Definition
commodity
currency
fiat money |
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Term
| type of money that is used as money and as a tradeable item |
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Definition
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Term
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Definition
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Term
| money that has a certain value because the government said so |
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Definition
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Term
| financial institutions that offer full banking services to individuals and businesses |
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Definition
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Term
| financial institutions that traditionally loaned money to people buying homes |
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Definition
| savings and loan associations |
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Term
| work on a not-for-profit basis |
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Definition
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Term
| protects consumers' deposits when financial institutions fail |
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Definition
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Term
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Definition
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Term
| makes the decisions that affect the economy as a whole by manipulating the money supply |
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Definition
| federal open market committee |
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Term
| oversee and regulate large commercial banks |
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Definition
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Term
| the controlling of the supply of money and the cost of borrowing money according to the needs of the economy |
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Definition
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Term
| the rate the fed charges member banks for loans |
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Definition
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Term
| member banks must keep a certain percentage of their money in fed as a reserve against their deposits |
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Definition
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Term
| the purchase or sale of US government bonds and treasury bills |
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Definition
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Term
| allows customers to write checks or to use check or debit cards |
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Definition
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Term
| banks pay interest to customers based on how much money they have deposited |
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Definition
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Term
| require a saver to deposit their funds for a certain period of time |
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Definition
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Term
| allowing customers to borrow money |
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Definition
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Term
| spending that doesn't need annual approval |
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Definition
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Term
| government expenditures that must be approved each year |
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Definition
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Term
| laws that approve spending for a particular activity |
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Definition
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Term
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Definition
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Term
| Where does the federal government get most of its money? |
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Definition
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Term
| spending more than collecting in revenue |
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Definition
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Term
| How can the government borrow money? |
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Definition
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Term
| rely on others, and others rely on us, to provide goods and services |
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Definition
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Term
| Whydo we trade with other countries? |
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Definition
| can't produce everything we need |
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Term
| the ability of a country to produce a good at a relatively lower cost than another country can |
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Definition
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Term
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Definition
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Term
| limits on the amount of foreign goods imported |
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Definition
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Term
| What does tariffs and quotas try to protect? |
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Definition
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Term
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Definition
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Term
| organization of independent European nations |
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Definition
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Term
| eliminates barriers of trade between US, Canada, and Mexico |
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Definition
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Term
| oversees trade among nations |
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Definition
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Term
| the price of your nation's currency is in terms of another nation's currency |
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Definition
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Term
| difference between the value of a nation's exports and its imports |
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Definition
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Term
| nations way of producing things its people want and need |
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Definition
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Term
| decisions are made based on the interaction of supply and demand |
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Definition
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Term
| major economic decisions are made by the central government |
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Definition
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Term
| individuals carry on their economic affiars freely, but are subject to some government intervention |
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Definition
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Term
| economic system in which decisions of what, how, and for whom to produce are based on custom or habit |
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Definition
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