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12 Cards in this Set
- Front
- Back
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money that has value because the government has orderded that it is an acceptable means to pay debts
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fiat money
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the central banking system of the United States
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default
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the amount of money borrowed
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principal
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coins and paper bills used as money
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currency
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the price paid for the use of borrowed money
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interest
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money pooled from small investors and used to purchase government or corporate bonds
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money markey mutal fund
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failure to pat back a loan
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default
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objected that have value in themselves and that are also used as money
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commodity money
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the government agency that makes sure that customers' money is safe if a bank fails
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Federal Deposit Insurance Corporpation (FDIC)
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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 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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objects that have value between the holder can exchanged them for something else of value
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repensentative money
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