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Flashcards in Chapter One Deck (7)
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Is an accepted way to settle a debt.

Standard of Deferred Payment

1

Money acts as a standard measure and common denominator of trade.

Measure of Value

2

In economics, money refers to any financial instrument that can fulfill the functions of money.

Money Supply

3

Currency (Coins and Bills)

M1

4

M1 plus savings accounts and time deposits under $100,000.

M2

5

M2 plus larger time deposits and similar institutional accounts.

M3

6

Describes how easily an item can be traded for another item.

Market Liquidity