Flashcards: Money, Banking, & the Financial System
Flashcard
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others
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12th Grade
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Practice Problem
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Easy
Laura Metzler
Used 1+ times
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24 questions
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1.
FLASHCARD QUESTION
Front
Criteria to classify an item as money.
Back
a medium of exchange, a store of value, and a unit of account.
2.
FLASHCARD QUESTION
Front
Money that has intrinsic value is called
Back
commodity money.
3.
FLASHCARD QUESTION
Front
What makes currency better than the barter system?
Back
eliminates the need for a double coincidence of wants.
4.
FLASHCARD QUESTION
Front
Why would salt not work well as money today?
Back
It is not scarce.
5.
FLASHCARD QUESTION
Front
The M1, M2, and M3 money supplies classify money into categories based on
Back
liquidity.
6.
FLASHCARD QUESTION
Front
Assets that have liquidity are
Back
easy to turn into cash.
7.
FLASHCARD QUESTION
Front
A financial system brings together
Back
savers and borrowers
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