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Chapter 10 vocab
N/A
14
Economics
12th Grade
04/17/2013

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Term
Money
Definition
Anything that serves as a medium of exchange, a unit of account, and a store of value
Term
Currency
Definition
Coins and paper bills used as money
Term
Fiat Money
Definition
Objects that have value because a government has decreed that they are acceptable to pay debt
Term
Foreclosure
Definition
Seizure of property from borrowers who are unable to repay their loans
Term
Liqudity
Definition
Ability to be used as or directly converted into cash
Term
Money Supply
Definition
All the money available in the US economy
Term
Fractional Reserve Banking
Definition
Keeps only a fraction of its funds on hand and lends out the remainder
Term
Default
Definition
Failing to pay back a loan
Term
Mortgage
Definition
Specific type of loan to buy real estate
Term
Credit Card
Definition
Entitling its owner to buy goods and services based on owners promise to pay for those goods and services
Term
Interest
Definition
Price paid for the use of borrowed money
Term
Principle
Definition
Amount of money borrowed
Term
Debit Card
Definition
Card used to withdraw money from a bank account
Term
Creditor
Definition
Person/Institute to whom money is owned
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