Chapter 24 Money and the Federal Reserve System.pptVIP

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Chapter 24 Money and the Federal Reserve System.ppt

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Chapter 24 Money and the Federal Reserve System

Chapter 24 Money and the Federal Reserve System In this chapter, you will learn to solve these economic puzzles: Why do nations use money? What is Barter? The direct exchange of one good for another good, rather than for money What is the problem with Barter? It requires a coincidence of wants What is Money? Anything that serves as a medium of exchange, unit of account, and store of value What is the Advantage of Money? The use of money simplifies and therefore increases market transactions What are the Functions of Money? Medium of exchange Unit of account Store of value What is aMedium of Exchange? The primary function of money to be widely accepted in exchange for goods and services What is aUnit of Account? The function of money to provide a common measurement of the relative value of goods and services What does it mean that Money is Liquid? It is available to spend in exchange for goods and services without any additional expense Are Credit Cards Money? No, credit cards fail to meet the store-of-value criterion and are therefore not money What is the best level of Scarcity for Money ? The supply of money must be great enough to meet ordinary transactions needs, but not be so plentiful that it becomes worthless What are other Properties of Money? Money must be … portable divisible uniform acceptable What isCommodity Money? Anything that serves as money while having market value in other uses Is our Money backed up by Gold or Silver? No, our paper money was exchangeable for gold until 1934, and in 1963 Congress removed the right to exchange $1 bills for silver What is Fiat Money? Money accepted by law and not because of redeemability or intrinsic value What makes our Dollar Bills Fiat Money? All our bills claim that “This note is legal tender for all debts public and private” What doesLegal Tender mean? Legally dollar bills cannot be refused as payment for a debt What is Currency? Money, including coins and paper money What areCheckable Deposits? The tota