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ECON 105 (113)
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Econ 105 ch10 summary.docx

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Department
Economics
Course
ECON 105
Professor
Brian Krauth
Semester
Fall

Description
Econ 105. Ch10 summary 1. Terminology 1. 3 roles: unit of account, store of value, medium of exchange 2. 2 types of money: commodity money and fiat money Commodity – gold, cigar, copper fiat – paper-bills, coins 3. 3 measures of the money stock -monetary base: loans by the money policy conducted by the central bank -M1: currency + chequeable deposits => used to buy stuff directly -M2: M1 + non-personal demand and notice deposits 4. money supply – the quantity of money available in the economy 5. central bank: issues money, final lender for commercial banks, banks of commercial banks 2. Fra
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