Chapter 10 Econ

Privately owned, publicly controlled, central bank of the United States

• Federal Reserve Note

• Barter Economy

• Commodity Money

• Federal Reserve System

Paper currency issued by the Fed that eventually replaced all other types of federal currency

• Fiat Money

• Federal Reserve Note

• Specie

• National Currency

Moneyless economy that relies on trade

• Legal Tender

• State Bank

• Barter Economy

• Federal Reserve System

Money that has an alternative use as an economic good

• Commodity Money

• Fiat Money

• State Bank

• Specie

Money by government decree; has no alternative value or use as a commodity

• Fiat Money

• Commodity Money

• National Currency

• National Bank

Money in the form of gold or silver coins

• Specie

• Federal Reserve Note

• Fiat Money

• Legal Tender

A bank that receives its charter from the state in which it operates

• National Bank

• National Currency

• Legal Tender

• State Bank

A commercial bank chartered by the National Banking System

• Federal Reserve System

• Legal Tender

• National Bank

• State Bank

Currency that must be accepted for payment by decree of government

• legal tender

• federal reserve system

• national currency

• specie

Currency backed by government bonds and issued by commercial banks in the National Banking system

• legal tender

• barter economy

• National currency

• commodity money