Term
| anything customarily used as a medium of exchange, a unit of accounting, and store of value |
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Definition
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Term
| use of money in exchange for goods or services |
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| exchange of goods and services for other goods or services |
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Term
| use of money as a yardstick for comparing the values of goods and services in relation to one another |
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Term
| use of money to store purchasing power for later use |
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Term
| a medium of exchange such as cattle or gems that has the value as a commmodity or good aside from its value as money |
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Term
| money that is backed by an item of value such as gold or silver |
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Term
| money that has a value because a government fiat, or order, has established as acceptable for payment of public and private debts |
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Term
| money that by law must be accepted for payment of public and private debts |
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Term
| checking account that allows a customer to write a check for more money than exists in his or her account |
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Term
| system of putting onto computers all the banking functions that in the past were handled on paper |
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Term
| unit that allows consumers to do their banking without the help of a teller |
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Term
| money deposited in a bank that can be withdrawn at any time by presenting a check |
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Term
| mutual savings banks, S&Ls, and credit unions that offer many of the same services as commercial banks |
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Term
| device used to make cashless purchases, money is electronically withdrawn from the consumer's checkable account and transferred directly to the store's bank account |
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Term
| assets, such as savings accounts, that can be turned into money relatively easily and without the risk of loss of value |
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Definition
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Term
| narrowest definition of the money supply; consists of moneys that can be spent immediately and against which checks can be written |
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Definition
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Term
| broader definition of the money supply, includes all of M1 plus such near moneys as money market mutual fund balances, certificates of deposit, and Eurodollars |
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Term
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Definition
| durable, divisible, accepted, scarce, stable in value, portable |
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Term
| example of money & near money |
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Definition
| money-currency, debit cards, checks. near money- time deposits, savings accounts |
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