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32 Cards in this Set
- Front
- Back
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anything that serves as a medium of exchange, a unit of account, and a store of value
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money
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anything tthat is used to determinge value during the exchange of goods and services
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medium of exchange
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the direct exchange of one set of goods or services for another
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barter
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a means for comparing the values of goods and services
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unit of account
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something that keeps its value if it is stored tather than used
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store of value
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coins and paper bills used as money
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currency
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objects that have value in themselves and that are also used as money
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commodity money
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objects that have value because the holder can exchange them for something else of value
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representative money
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money that has value because the government has ordered that it is an acceptable means to pay debts
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fiat money
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an institution for recieving, keeping, and lending money
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bank
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a bank chartered, or licensed, by the national government
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national bank
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widespread panic in which great numbers of people try to redeem their paper money
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bank run
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paper currency issued during the Civil War
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greenback
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a monetary system in which paper money and coins are equal to the value of a certain amount of gold
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gold standard
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the nation's central banking system
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Federal Reserve System
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bank that can lend to other banks in times of need
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central bank
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bank that belongs to the Federal Reserve System
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member bank
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the national currency we use today in the United States
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Federal Reserve Note
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the servere economic decline that began in 1929 and lasted for more than a decade
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Great Depression
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the government agency that insures customer deposits if a bank fails
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Federal Deposit Insurance Corporation (FDIC)
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all the money available in the United States economy
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money supply
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the ability to be used as, or directly converted to, cash
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liquidity
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the money in checking accounts
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demand deposit
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a fund that pools money from small savers to purchase short-term government and corporate securities
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money market mutual fund
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a banking system that keeps only a fraction of funds on hand and lends out the remainder
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fractional reserve banking
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failure to pay back a loan
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default
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a specific type of loan that is used to buy real estate
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mortgage
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a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services
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credit card
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the price paid for the use of borrowed money
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interest
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the amount of money borrowed
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principal
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a card used to withdraw money
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debit card
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person or institution to whom money is owned
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creditor
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