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Related Flashcards
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Cards In This Set
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Central bank of the United States
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Federal Reserve System
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Institution that controls an economy's money supply
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Central bank
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Class of assets that serves as an economy's medium of exchange
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Money
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Whatever people use to purchase goods and services
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Medium of exchange
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Amount of wealth that people choose to hold in the form of money
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Money demand
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System of exchange in which goods and services are traded directly, with no money involved
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Barter
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Condition needed for barter; each party to a transaction must have something the other wants
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Double coincidence of wants
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Measure in which prices and salaries are quoted
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Unit of account
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Form in which wealth can be held
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Store of value
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Valuable good that serves as the medium of exchange
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Commodity money
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Money with no intrinsic value
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Fiat money
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Use of foreign currency (often US dollars) as money
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Dollarization
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Institution that issues money backed be a foreign currency
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Currency board
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Group of countries with a common currency
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Currency union
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Total amount of money in the economy
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Money supply
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