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CHAPTER10
Money&Banking
42
Economics
11th Grade
01/11/2009

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Term
Medium of exchange
Definition
determines value during an exchange of goods and services
Term
A unit of account
Definition
a means of comparing the values of goods and services
Term
a store value
Definition
money keeps its value if you hold on to it
Term
inflation and price increases
Definition
when money is not a good store of value
Term
Durability
Definition
must withstand physical wear and tear
Term
Portability
Definition
easy to transport
Term
divisibility
Definition
easily divided into smaller units
Term
uniformity
Definition
units of money have the same purchasing power
Term
limited supply
Definition
money kept at acceptable level
Term
acceptablility
Definition
everyone excepts that the money has value
Term
pieces of eight
Definition
spanish doublooms that are lines etched easy to divide into 8 parts
Term
inflation
Definition
too much money
Term
commodity money
Definition
money object has value in and out of itself
Term
salt and cattle
Definition
examples of commodity money
Term
representative money
Definition
money object has value because you can exchange it for something else of value
Term
fiat money
Definition
money has value because the govt has decreased that it is an acceptable means to pay debts
Term
legal tender
Definition
another name for fiat money
Term
bank
Definition
an institution for recieving,keeping,and lending money
Term
federalists
Definition
for a strong central govt.
Term
Alexander hamilton
Definition
led the federalitsts
Term
anti federalist
Definition
leave most powers to the states
Term
thomas jefferson
Definition
led the antifederalist
Term
many different currencies,state banks often did not have enough gold and silver to back up there currency
Definition
negatives of state banking system
Term
8000
Definition
how many banks in the 1800's?
Term
printed money
Definition
what'd north and south do in 1800?
Term
national banking acts of 1863&4
Definition
gives the federal govt 3 important powers
Term
power to issue a single national currency
Definition
most powerful power of the acts of 1864 and 3
Term
Gold standard
Definition
1870 USA adopts this
Term
condidence by population, and kept govt. from printing unlimited supply of currency
Definition
gold standard advantages
Term
Federal Reserve act of 1913
Definition
established the central bank
Term
12 regional federal reserve banks
Definition
how many regional banks in 20th centrury?
Term
stability
Definition
the fed can increase or decrease the amount of money in circulation trying to create what?
Term
Crop failures
Definition
AG= what in grea depression?
Term
$250,000
Definition
number from book [mr thourne right]
Term
deregulation
Definition
removal or relaxation of govt. resptrictions on business
Term
savings and loan crisis
Definition
high interest trates,low interest rates from loans,fraud,dereg,and bad loans
Term
hacking and threat infor
Definition
new privacy rules for customer data
Term
money supply
Definition
all the money available to the U.S. economy
Term
M1
Definition
assets with the ability to be used as or converted to cash easily
Term
M2
Definition
M1 assists plus additional known as "near money"
Term
savings account,checking accounts
Definition
small interest rates
Term
money market accounts,certificates of deposit
Definition
higher interest rates
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