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Midterm

Exam 3 Ch Ouline Study Guide (Got A+ on the test)

3 Pages
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Department
Economics
Course Code
ECON 2010
Professor
All

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Description
CHAPTER 13 Money Banks and the Federal ReserveFunctions of moneyMedium of exchangeUnit of accountStore of valueStandard of deferred paymentCommodity money a good used as money that also has value independent of its use of moneyFederal Reserve the central bank of the USFiat money money such as paper currency that is authorized by a central bank or government body and that does not have to be exchanged by the central bank for gold or some other commodity money M1 the narrowest definition of the money supply the sum of currency in circulation checking account deposits in banks and the holding of travelers checks M2 adds money market mutual share funds small time deposits and savings account depositsReserves deposits that banks keep as cash in its vault or on deposit with the Federal ReserveRequired reserves reserves that banks are legally required to hold based on its checking account deposits Frac
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