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