Economics Chp. 14 & 15 (1)

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Author:
hey_itsdarra
ID:
248995
Filename:
Economics Chp. 14 & 15 (1)
Updated:
2013-11-25 13:28:01
Tags:
OHS Economics
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Description:
2nd 9 weeks
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  1. Used to purchase goods/services in place of other goods (bartering)
    Medium of Exchange
  2. Value in addition to money, i.e. cattle, chicken, tobacco, gold, silver, oil, chemicals, etc
    Commodity Money
  3. Dollar equals value of stored amount of gold silver (gold standard)- no longer used (Richard Nixon)
    Represent Money
  4. Money has value because the government says it does
    Fiat Money
  5. Money moved electronically without paper- ATM is an _____
    EFT (Electronic funds transfer)
  6. You can only be held responsible for $50 if card stolen or account compromised, only if reported in 48 hours
    EFT Act of 1978
  7. Cash, currency and travelers checks (high liquidity)
    M1
  8. M1 plus saving, investment, CDs
    M2
  9. Determines U.S monetary policy
    FED (Refers to the Federal Reserve System)

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