Unit 4 Flashcard

Front

Commodity money is

Back

Money that has intrinsic value based upon the material it is made from.

Front

Fiat money is

Back

Money that has value because a government declares it to be so and the citizens accept that it has worth.

Front

Representative money is

Back

Currency that is backed by something tangible.

Front

Saving your money for a year to make a large purchase represents money as a

Back

Store of value

Front

Comparing the cost of different flights is an example of using money as a

Back

Standard of value

Front

Using dollars to buy groceries is an example of

Back

Medium of exchange

Front

A car is an example of a

Back

durable good

Front

Nominal GDP is

Back

Measurement of GDP with inflation included in the amount

Front

Expansionary phase is when

Back

Low unemployment, Inflationary, GDP increasing

Front

Macroeconomic Equilibrium is when

Back

aggregate demand equals aggregate supply