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16 Cards in this Set
- Front
- Back
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money
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any medium that is universally accepted in an economy.
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medium of echange
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any asset that sellers will accept as payment
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barter
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the firect exchange of goods and services for other goods and services without the use of money
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unit of accounting
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a measure by which prices are expresses, a central property of money
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store of value
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the ability to hold a value over time
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standard of deferred payment
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a property of an asset that makes it desirable for use as a means of settling debts maturing in the future; an essential property of money
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liquidity
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the degree to which an asset can be acquired or disposed of.
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transactions account
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checking account balances in commercial banks and other types of financial institutions such as credit unions.
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fiduciary monetary sustem
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a system in which money is issued by the government and its value is based uniquely on the publics faith that the currency represents command over goods and services
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money supply
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the ammount of money in circulation
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transactions approach
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a method of measuring the money supply by looking at money as a medium of exchange
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liquidity approach
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a mothod of measuring the money supply by looking at money as a temporary store of value
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M1
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the money supply, taken as the total value of currency plys checkable deposits plus travelrs checks not issued in banks
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thirft institutions
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financial institutions that recieve most of their funds from the savings of the public.
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travelers checks
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can be used as cash upon signature
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near moneys
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assest that are almost money. high degree of liquidity and can be easily converted into money.
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