Econ 16 Money & Banking

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Definition of Money

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Anything that is widely and generally accepted for goods & services

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Definition of Barter Trade

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The direct exchange of products can take different forms

(e.g. salt, coins, cowrie sea shells, animals and more...)

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Key terms - Central Bank

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It is responsible for supervising & regulating the banking & financial system in a country

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Key terms - Legal Tender

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A form of payment that is legally recognized in setting a dept

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Key terms - Interest Rate

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The price paid for borrowing money and the price received for lending money

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Key terms - Monetary Policy

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A way of influencing as economy through changes in the price and quantity of money

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Key terms - National Debt

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The total amount of money owed by a government as a result of borrowing

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Key terms - Commercial/retail bank

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A bank that provides a varitey of services to households and businesses

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Key terms - Financial intermediary

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The role that a commercial bank plays in linking servers and borrowers