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ECON 2210

chapter 26 and 27 Chapter 26 economic growth – sustained, long run increases in the level of real GDP human capital – the set of skills workers acquire through formal education and on-the-job training Chapter 27 medium of exchange – anything that is generally acceptable in return for goods and services sold barter – system where goods and services are traded directly for other goods and services Gresham’s law – theory that bad, debased money drives good or undebased money out of circulation bank notes – paper money issued by commercial banks gold standard – currency standard whereby a country’s currency is convertible into gold at a fixed rate of exchange fiat money – paper money or coinage that is neither backed by nor convertible into anything else but is decreed by government to be accepted as legal tender deposit money – money held by the public in the form of deposits with commercial banks central bank – bank that acts as banker to the commercial banking system and often to the government as well - usually government owned institution that controls banking system, and is the sole money-issuing authority commercial bank – privately owned, profit seeking institution that provides variety of financial services, such as accepting deposits from customers and making loans and ot
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