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15 Cards in this Set

  • Front
  • Back
wealth
total collection of pieces of property that serve to store value
income
flow of earnings per unit of time
medium of exchange
used to pay for g/s
unit of account
used to measure value in economy
store of value
repository of purchasing power over time
hyperinflation
pds of extreme inflation
payments system
method of conducting transactions in the economy
commodity money
$ made up of precious metals
fiat money
paper currency decreed by govts as legal tender
electronic money
$ that exists only in electronic form (debit card, stored-value card)
smart card
contains a computer chip that allows it to be loaded with digital cash from the owners bank acct whenever needed
e-cash
used on the internet to purchase goods or services
money aggregates
measures of the money supply
M1
currency + travelers checks + demand checks + other checkable deposits
M2
small denom. time deposits + savings deposits and money market deposit accts + money market mutual fund shares