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16 Cards in this Set

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