can be anything that serves as (1) medium of exchange, (2) unit of account, and (3) store of value.
is the most important function of money. This means that money is widely accepted in payment for goods and services.
Medium of exchange
is the function of money to measure relative values by serving as a common yardstick for valuing goods and services
Unit of account
is the property of money to hold its value over time.
Store of value
is money that has marketable value, such as gold and silver.
is the narrowest definition of money which equals currency plus checkable deposits.
is a broader definition of money which equals M1 plus all money in savings deposits and small time deposits.
is an even broader definition of money which equals M2 plus large time deposits of more than $100,000
is our central bank and was established in 1913
The Federal Reserve System
directs the buying and selling of U.S. government securities, which is a key method of controlling the money supply.
Federal Open Market Committee
is the direct exchange of one good for another good, rather than for money.
Money accepted by law and not because of redeemability or intrinsic value is called
is money, including coins and paper money.
The total of checking account balances in financial institutions convertable to currency "on demand" by writing a check without advanced notice is called
is the seven members appointed by the president and confirmed by the U.S. Senate who serve for one nonrenewable 14 year term. Their responsibility is to supervise and control the money supply and the banking system of the United States.
Board of Governers
is the government agency established in 1933 to insure commercial bank deposits up to a specified limit.
The Federal Deposit Insurance Corporation
A law, that gives the Fed. greater control of nonmember banks fand makes all financial institutions more competitive is called the