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Definition
| privately owned, publicly controlled central bank of the U.S. |
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Term
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Definition
| paper currency issued by the Fed in use today |
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Term
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Definition
| moneyless economy that relies on trade or barter |
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| money that has an alternate use as an economic good |
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| money by government decree |
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Definition
| money in the form of gold or silver coins |
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Term
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Definition
| standard unit of currency in a country's money supply |
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Definition
| money or other substance generally accepted as payment for goods and services |
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Definition
| a function of money that allows it to serve as a common way to express value |
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Term
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Definition
| a function of money that allows people to preserve value for future use |
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Term
| demand deposit accounts (DDAs) |
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Definition
| amount from which funds can be removed by writing a check&w/out having to gain prior approval from the depository institution |
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Term
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Definition
| bank that recieves its charter from the state in which it operates |
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Term
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Definition
| fiat currency that must be accepted for payment by decree of the government |
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Definition
| commercial bank chartered by the National Banking system |
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Definition
| currency backed by government bonds and issued by commercial banks in the National Banking System |
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Definition
| paper currency backed by gold and issued between 1863 and 1934 |
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Definition
| paper currency backed by, and redeemable for, silver from 1878 to 1968 |
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Definition
| bank that can lend money to other banks in times of need |
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Term
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Definition
| sudden rush by depositers to withdraw all deposited funds, generally in anticipation of bank failure or closure |
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Term
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Definition
| brief period during which all banks or depository institutions are closed to prevent bank runs |
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Term
| fractional reserve system |
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Definition
| system requiring financial institutions to set aside a fraction of their deposits in the form of reserves |
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Term
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Definition
| currency and deposits used to meet the reserve requirement |
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Term
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Definition
| formula used to compute the amount of a depository institution's required reserves |
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Term
| member bank reserve (MBR) |
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Definition
| reserves kept by member banks at the Fed to satisfy reserve requirements |
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Term
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Definition
| financial institution's cash, currency, and reserves not needed for reserve requirements |
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Term
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Definition
| bank belonging to the Federal Reserve System |
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Term
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Definition
| actions by the Federal Reserve System to expand or contract the money supply in order to affect the cross and availibility of credit |
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Term
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Definition
| the price of credit to a borrower |
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Term
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Definition
| monetary policy that results in lower interest rates and greater access to credit |
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Term
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Definition
| monetary policy that results in higher interest rates and restricted access to credit |
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Term
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Definition
| sales or purchases of U.S. government securities by the Fed |
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Term
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Definition
| interest rate that the Federal Reserve System charges on loans to the nation's financial institutions |
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Term
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Definition
| lowest rate of interest that banks charge their best customers |
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Term
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Definition
| paper component of the money supply, today, consisting of Federal Reserve notes |
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Term
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Definition
| metallic forms of money such as pennies, nickels, dimes, and quarters |
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Term
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Definition
| company that owns and controls one or more banks |
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Term
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Definition
| provision extending truth-in-lending disclosures to consumers |
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