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chapter 10 econ Flashcards

(23 cards)

1
Q

what is medium of exchange?

A

buy something, sell something, trade medium for cash

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2
Q

unit of accounting?

A

price in dollars

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3
Q

store of value?

A

savings account, inflation is down

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4
Q

6 characterists of money?

A
  1. durable 2.portable 3.divisability 4. uniform 5. limited supply 6.acceptable
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5
Q

sources of money value?

A

commodity money, hard money, fiat

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6
Q

what is commodity money?

A

has another purpose (animal hides)

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7
Q

what is hard money?

A

money made out of metals, gold silver ect.

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8
Q

what three countires money circulated in the colonies

A

spanish, french, dutch

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9
Q

what did fiet money lead to?

A

wide spread inflation

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10
Q

Who set up the first and second US banks?

A

hamliton

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11
Q

what did jackson do with the banks?

A

tamming fincial market bankers and wealthy kills 2nd nat bank

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12
Q

wildcat banks?

A

jacksons supporters, took fed amd deposited into these banks

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13
Q

what did wilson do?

A

set up fed reserve system btoke nation into 12 districts

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14
Q

what did FDR do?

A

closed banks for 3 days, took us off of gold, good banks reopened with fdic

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15
Q

what did johnson do ?

A

took us off of silver, making the US fiet

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16
Q

Savings and loan pricing?

A

crisis in banking system TX OK LA, oil guys failed on loan FSLIC couldnt pay off all dept so congress bailed them out

17
Q

liquiditity?

A

how quick you can turn an asset into money

18
Q

M1?

A

most liquid, cash, checks, debit cards

19
Q

M2?

A

assests under $100,000 stocks, cars, savings accounts

20
Q

M3?

A

assets over 100,000 retirement accounts, houses

21
Q

functions od finical institions

A

storing money, saving money, loans

22
Q

upsidedown?

A

owe more on a house than the house is worth

23
Q

credit cards?

A

personal loans on your word to pay it back