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Economics Vocabulary
Ch 11.1 and 12.1
22
Economics
12th Grade
01/18/2011

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Cards

Term
Barter economy
Definition
moneyless economy that relies on trade
Term
Money
Definition
any substance that serves as a medium of exchange
Term
Medium of exchange
Definition
something accepted by all parties as payment for goods and services
Term
Measure of value
Definition
common denominator that can be used to express wroth in terms that most individuals understand
Term
Store of value
Definition
property that allows purchasing power to be saved until needed
Term
Commodity money
Definition
money that has an alternative use as an economic good
Term
Fiat money
Definition
money by government decree
Term
Specie
Definition
money in the form of coins made from silver or gold
Term
Monetary unit
Definition
standard unit of currency
Term
Saving
Definition
absence of spending
Term
Savings
Definition
dollars that become available when people abstain from consumption
Term
Financial system
Definition
network of savers, investors, and financial institutions that work together to transfer savings to investors
Term
Certificate of deposit
Definition
receipt showing that an investor has made an interest-bearing loan to a bank
Term
Financial assets
Definition
claims on the property and the income of the borrower
Term
Financial intermediaries
Definition
financial institutions that lend the funds that savers provide to borrowers
Term
Nonbank financial institutions
Definition
nondepository institutions that channel savings to borrowers
Term
Bill consolidation loans
Definition
loan that consumers use to pay off other bills
Term
Premium
Definition
price the insured pays for this policy and is usually paid monthly, quarterly, or annually for the length of the protection
Term
Net asset value (NAV)
Definition
net value of the mutual fund divided by the number of shares issued by the mutual fund
Term
Pension
Definition
regular payment intended to provide income security to someone who has worked a certain number of years, reached a certain age, or suffered a certain kind of injury
Term
Pension fund
Definition
fund set up to collect income and disburse payments to those persons eligible for retirement
Term
Real estate investment fund (REIT)
Definition
company organized primarily to make loans to construction companies that build homes
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