Monetary Policy Vocab Quiz

barter economy

• paper currency backed by gold
• legal tender printed by the Union during the Civil War that was not backed by gold or silver
• bank that caters to the needs of business and commerce
•  economy based on trade rather than money

gold certificate

• paper currency backed by gold
• legal tender printed by the Union during the Civil War that was not backed by gold or silver
• bank that caters to the needs of business and commerce 
• economy based on trade rather than money

commercial bank

• paper currency backed by gold
• legal tender printed by the Union during the Civil War that was not backed by gold or silver
• bank that caters to the needs of business and commerce 
• economy based on trade rather than money

greenback

• any substance that serves as a medium of exchange, a measure of value, and a store of value backed by gold
• anything that serves as a medium of exchange and a store of value
• paper currency that was printed with green ink on both sides
• allows people to preserve value of money for future use

money

• any substance that serves as a medium of exchange, a measure of value, and a store of value
• anything that serves as a medium of exchange and a store of value
• paper currency that was printed with green ink on both sides
• allows people to preserve value of money for future use

store of value

• allows people to preserve value of money for future use
• paper currency that was printed with green ink on both sides
• anything that serves as a medium of exchange and a store of value
• any substance that serves as a medium of exchange, a measure of value, and a store of value

medium of exchange

• something accepted by all parties as payment for goods and services
• money in the form of coins made from silver or gold
• a common denominator that can be used to express worth in terms that most individuals understand
• money by government decree

measure of value

• something accepted by all parties as payment for goods and services 
• money in the form of coins made from silver or gold
• a common denominator that can be used to express worth in terms that most individuals understand 
• money by government decree

Fiat Money

• something accepted by all parties as payment for goods and services
• money in the form of coins made from silver or gold 
•  a common denominator that can be used to express worth in terms that most individuals understand
• money by government decree

specie

• something accepted by all parties as payment for goods and services
• money in the form of coins made from silver or gold
• a common denominator that can be used to express worth in terms that most individuals understand
• money by government decrees