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14 Cards in this Set
- Front
- Back
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coin
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metallic form of money such as pennies, nickles, and dimes
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currency
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both coins and paper money
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commercial bank
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a financial institution that offers full banking services to individuals and businesses
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savings and loan association
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financial institutions that traditionaly loaned money thay have deposited
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credit union
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nonprofit service cooperative that accepts deposits, makes laons, and provides other financial services
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central bank
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an institution that lends money to other banks
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FOMC
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the most powerful committee of the fed
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monetary policy
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policy that involves changing the rate of the growth of the money supply in circulation in order to affect the cost and availability
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discount rate
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the interest rate the Fed charges on its loans
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reserve
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a certain precentage of deposits that banks have to set aside as cash in their own vaults or as deposits in their federal reserve district bank
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open market operations
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purchase or sale of U.S. government bonds and treasury bills
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checking acount
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an acount in which deposited money can be withdrawn at any time by writing a check
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savings acount
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an acount in which customers recieve interest based on how much money money they have deposited
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certificate of deposit
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timed deposit that states the amount of the deposit
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