Econ Chapter 10

Anything that serves as a medium of Exchange, a unit of account, and a store of value

• Money

• Medium of Exchange

• Unit of Account

• Store of Value

Anything that is used to determine the value during the exchange of a good or service

• Money

• Medium of Exchange

• Unit of Account

• Store of Value

Means of comparing the value of a good or service

• Money

• Medium of Exchange

• Unit of Account

• Store of Value

Something that keeps its value if stored rather than spent

• Money

• Medium of Exchange

• Unit of Account

• Store of Value

Coins and paper bills used as money

• Currency

• Commodity Money

• Representative Money

• Fiat Money

Objects that have value in and of themselves and that are used as money.

• Currency

• Commodity Money

• Representative Money

• Fiat Money

Objects that have value because the holder can exchange them for something else of value

• Currency

• Commodity Money

• Representative Money

• Fiat Money

Objects that have value because a government has decided that they are an acceptable means to pay debts

• Currency

• Commodity Money

• Representative Money

• Fiat Money

An institution for receiving, keeping and lending money

• Bank

• National Bank

• Bank run

• Gold Standard

• Central Bank

A bank chartered by the federal government

• Bank

• National Bank

• Bank run

• Gold Standard

• Central Bank