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6 Cards in this Set
- Front
- Back
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Money is
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-Medium of exchange
-Store of value -Unit of account |
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-Currency (coins and paper money) in the hands of the public
-All checkable deposits (all deposits in commercial banks and "thrift" or savings institutions on which checks of any size can be drawn) |
M1 definition
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Certain highly liquid financial assets that do not function directly or fully as a medium of exchange but can be readily converted into currency or checkable deposits.
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Near-monies
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-M1
-Savings deposits -Small denominated time deposits -Money market mutual funds held by individuals |
M2 definition
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# of Federal Reserves Banks
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12
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Fed Functions
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-Issuing currency
-Setting rr and holding reserves -Lending to financial institutions and serving as an emergency lender of last resort -Providing check collection -Acting as fiscal agent -Supervising banks -Controlling the money supply |
