Economic and Monetary Concepts

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Federal Reserve System

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The central banking system of the United States, responsible for regulating the nation's monetary policy, maintaining financial stability, and providing banking services.

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Federal Reserve notes

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The paper currency issued by the Federal Reserve System, which serves as legal tender for transactions in the United States.

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Barter economy

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An economic system where goods and services are exchanged directly for other goods and services without the use of money.

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Commodity money

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Money that has intrinsic value based on the material from which it is made (e.g., gold or silver coins) or the goods it can represent.

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Fiat money

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Currency that has no intrinsic value and is not backed by physical commodities, but is established as money by government regulation.

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Medium of exchange

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An instrument, such as money, that is widely accepted in transactions for goods and services.

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Measure of value

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A function of money that allows it to serve as a standard for valuing goods and services, making it easier to compare their worth.

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Store of value

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A property of money that allows it to retain value over time, enabling individuals to save and transfer purchasing power into the future.

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Demand deposit accounts

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Bank accounts from which funds can be withdrawn at any time without prior notice, allowing for easy access to deposits.

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Revolution

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A significant change or overthrow of a system or government, often involves a transition in economic frameworks or policies.